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No. 30,357 


EUROPE’S BUSINESS NEWSPAPER 

Thursday October 8 1987 


D 8523 A 


Mexico: stampede 
to hail the 
‘bom leader,’ Page 4 


A 

■a 


Wo rid News 


Violence 
threatens 
Sri Lanka 
peace pact 


Business Summary 


BankAm 
succeeds 
in raising 
$425m 


The Sri Lankan peace accord RANKAMEHICA, holding corn- 
appeared closer to collapse as pan? for the second largest DS 
India ordered its troops to use bank; has succeeded in raising 1 
force in a desperate attempt to $425m of new capital, primarily 
restore peace and order in the from Japanese investors. Page 
north and east Tamil separatist 21 

pSptefrfa? hSSST 1 n&Hly 160 WARNER COMMUNICATION'S 
Sri r .antra said at least 10.000 5200m agreed acquisition of 
Slnhal^hSl fed flSiiflte ChaPPeU & Co. the world’s to* 
eastern province following the 8^ t . a “ d longest established 


wont violence since the Jt 
peace pact with India. Page 20 

Coal job fosses 

Up to SOjOOO West German coal 
miners look likely to lose their 
jobs over the next fow years as a 
result or sharply foiling hard 
coal sales and a government 
plan to cut subsidies.Page 20 

Radio stations dosed 

Three Manila radio stations 
were closed down following a 
warning bom Gen Fidel Samos, 
the armed forces chief that the 
Philippine government will 
face a new coup attempt eoden- 
within 


musical publishing company, 
has been referred to Britain's 
monopolies and Mergers Cam- 
mission. Page 20 

COPPER PRICES rose on the 
London Metals Exchange yes- 
terday, the cash Grade A posi- 
tion closing at £1460.50 a tonne,. 


amed Ram bo 
montlLlfogeg 


ft 


Saudi tanker attacked 

Iranian gunboats fired 
nades and rockets at a Saudi- 
b unker ftiel tanker just four 
miles off the emirate of Ajman, 
in the dosest-ever Iranian at- 
tack to the Arab side ofthe 
GulfLPxgeS 

Nuclear disaster 

Foreign experts on radiation 
contamination flew into Brazil 
after an urgent government ap- 
peal for international aid fol- 
lowing a leakage of highly toxic 
Caesium-137 -Page 4 

FIJI council 

CoL Sitiveni Rabuka named a 
18-member council of ministers 
to govern the newly-declared 
republic pending a new consti- 
tution. Australia and New Zeal- 
and, the two major powers In 
the region, both reftised to re- 
cognise the new regime Page 3. 

Managua ceasefire 

Nicaragua wag set-to Implement 



Nicaragua was setto, .... ... 

its 30-day unilateral cease-fire ' dex ended 43 lower at 1,853. De- 


03 on the day and £37.50 on 
the week so for. Overnight 
strength in the New York mar-, 
ket encouraged the rise. Page 32 

DIXONS, UK electrical retailer, 
has abandoned plans to raise 
$50m on the New York Stock Ex- 
change, blaming a recent bout 
of investor disaffection with 
speciality retailers in the US, 
but is going ahead with plans to 
obtain a US listing for its 
shares. Page 21 

WALL STREET: The Dow Jones 
industrial average closed up 
2.45 at 255L08 Page 44 

LONDON: UK securities mar- 
kets showed determined resis- 
tance to the foil on Wall Street 
with equities closing well above 
the day's lows. The FT-SE 100 
ended with a net fall of &1 at 
2^159.8 and the FT Ordinary In- 


White House remains steadfast behind Judge Bork 


PRESIDENT RONALD Reagan 
yesterday urged Judge Robert 
Boric not to withdraw his Su- 
preme Court no min ation in 
spite of the 0 - 5 vote in the Sen- 
ate judiciary committee recom- 
mending the foil Senate not to 
approve the appointment 

Mr Reagan held a surprise 
meeting with Judge Boris at the 
White House yesterday amid 
speculation that the judge 
would ask for his nomination to 
be withdrawn. 

The meeting took place as 
conviction increased on Capitol 
Hill that the White House’s ef- 
forts to secure Judge Burk’s 
nomination were doomed to 
failure and that it was a matter 


BY STEWART FLEMING, US EDITOR, M WASHINGTON 

of time before Judge Bork Mr Fitzwater said that the 
dropped out of consideration. meeting was to “discuss strate- 

Tnis would be a major politi- gy, where thing * stand and 
cal setback for Mr Reagan in his where we go from here.' 
efforts to strengthen the conser- When ngfcyd whether the 
native wing of the Supreme question of a withdrawal had 


Court 

In the wake of yesterday's 
meeting, however, Mr Martin 
Fitzwater, White House spokes- 
man, said that Mr Reagan had 
told Judge Bork be did not want 
him to withdraw. 

“I urge you to stay in it I urge 
you to keep going,* Mr Fitzwater 
quoted the President as saying. 


been discussed, the spokesman 
refused to characterise Judge 
Borts position saying “I cant 
speak for Bork.* 

Nevertheless, Washington is 
alive with speculation about 
who the White House might 
nominate as a replacement 
Most political analysts a—unw 
that Mr Reagan will name an- 


other conservative - but not as 
controversial as Judge Bork, 
whose extreme positions have 
made him an easy target for 
critics on the left and a difficult 
man for moderate Republicans, 
and even conservative Demo- 
crats, to support 

The withdrawal of the nomi- 
nation would represent not only 
a stunning political setback for 
Mr Reagan, who it had been as- 
sumed would be strong enough 
to push his nominee through the 
Senate, but also for the Repub- 
lican Party. 

Conservatives are already bit- 
terly attacking the White House 
and moderate Republicans in 


the Administration, including 
Mr Howard Baker, Chief of 
Staff, for mishandling the nomi- 
nation. 

Many are insisting that the 
White House should press 
ahead and tafcg the nomination 

to the floor of the Senate for a 
vote and so make it a major is- 
sue around which the Republi- 
can Party can rally in the 1888 
campaigns. 

But political analysts argue 
that Mr Reagan's best option 
personally now is to cut his 
lasses, distance himself from 
Judge Bork and send up a nomi- 
nee who could quickly be con- 
firmed so that be can move on to 
other things. 






Jndge Bork 


US banks give way to 
pressure with Vi point 
rise in prime rate 


BY ANATOLE KALETSKY IN NEW YORK 


LEADING US banks increased 
their prime lending rate to 0% 
per cent from 844 per cent yes- 
terday, bowing to pressures for 
higher interest rates which 
have intensified in money mar- 
kets around the world. 

The half-point jump in prime 
rate, which is the benchmark in- 
terest rate paid by many ofthe 
banks’ large corporate custom- 
ers, was the fifth increase since 
US borrowing costs began their 
upward march In April this 
year. 

It immediately set off specu- 
lation among some analysts 
about the possibility of a rise in 
the Federal Reserve Board’s 


key discount rate. 
The 


after the government began tails. Page 46 
pullling troops out of war zones 
in the north. President Daniel 
said his government 
transfer power to an 
elected opposition in 1900 if the 
Nicaraguan people wished. Page 
4 


Anti- Apartheid talks 

Organisers said white Sooth Af- 
rican liberals and black nation- 
alists ware to meet again in Bur- 
kina Faso to review progress 
since the Dakar talks on ending 
apartheid. 

Sikh leader shot 

G ar dev Singh Usmanwala, a top 
sifch militant leader was shot 
dead in an encounter with secu- 
rity forces in Jullnndur district. 
Punjab state, India police said. 

Iran arms probe 

The Austrian authorities placed 
under investigation _ the assis- 
tant general director of Voest- 
Alpine, the steel and engineer- 
ing group, for allegedly selling 
arms to Ir&nPage 2 

Chunnel loan 

Nordic banks said they were 
ready to lend $252m to Eurotun- 
nel, the Anglo-French consor- 
tium provided it can also raise 
money on the stock exchanges. 

Swiss equities reform 

Swiss legislators voted to out- 
law insider trading, but dis- 
agreements in parliament over 
some details prevented the bill 
from becoming law immediate- 
ly. US insider trading Page 20 

zaire loan 

The World Bank released the 
first part of a $165m structural 
adjustment loan to Zaire 


Shark deaths 

As many as 100 people fleeing 
the Dominican Republic for 
Puerto Rico were feared torn to 
pieces by sharks after their 
fragile boat broke up 10 miles 

(15 km) from shore. 

CONTENTS* 


TOKYO: The record one-day 
plunge on Wall Street triggered 
selling of high technology 
stocks and large-capital issues. 
A late buy-back helped recoup 
many of the early losses. The 
Nikkei stock average closed 
138-70 lower at 25.95237. Page 44 

HELSINKI'S surging share 
prices continued to defy the 
predictions of an imminent 
crash and logged yet another 
all-time high, with the Unitas 
all-share Index climbing 33 to 
6543. Page 44 

GOLD fell $035 on the London 
bullion market to 5157.50. In 
Zurich It tell $030 to $45835. 
Page 32 

DOLLAR closed in New York at 
DM132325, Y14530, FFr6.0700, 
SFtL5215l It fell in London to 
DM1.8260 (DM1.8380); to 

FFr6.0775 (FFr6.1075); to 

SFrl.5235 (SFrl.5305); and to 
Y 145.60 (Y146.70X .On Bank of 
England figures the dollar’s ex- 
change rate index fell 0.4 to 
1013. Page 32 

STERLING closed in New York 
at $1.6432. 11 rose in London to 
$13410 ($1-6320); to FFr9.9725 
(FFr9.8675); to SFr2L50 
(SFr2-4975); remained un- 
changed at DM23975 and tell to 
Y239.0 (Y239.50X The pound’s 
exchange rate index rose 0.1 to 
73.3. Page 33 

THOMSON. French state-con-i 
trolled defence and electronics 
group, plans to invest FFr20bn 
($33bn) in its expanding con- 
sumer electronics business over 
the next 10 years. Page 22 

OCE-VAN Der Grinten, Dutch 
photocopier maker, reported 
third quarter earnings 14 per 
cent down to FL16-6 mtJSJm) 
and forecast profits would tell 5 
to 10 per cent for ail of 1987. 
Page 22 

AIR INTER, French domestic 
airline, has found itself at the 
centre of an increasingly heat- 
ed financial dogfight between 
Air France, the national airline 
company, and UTA, the French 
international carrier controlled ,| 
by the Chargeurs group. Page 22 * 


move came as short-term 
West German interest rates took 
a Anther upward tun with Am 
B undesbank accepting bids for 
one-month securities repur- 
chase a g r eem ents at 3.75 -per 
cent, against 333 per cent previ- 
ously. 

That followed an increase in 
the central bank’s m inimtim 
tender rate for repurchase 
agreements to 3-60 per cent on 
Tuesday and confirmed its in- 
tention to use repurchase 
agreements to control the mon- 
ey supply, which is now rising 
fay an estimated 7*4 per cent 
against an official target range 
of 3 to 6 per cent.- ... ....... 

The US discount rate was last 
raised on September 4, from 53 
to 6 per cent. 

This action, which was the 
Fed’s first unmistakable move 
to increase US borrowing costs 
in more than three years, re- 
flected growing concerns about 
inflation, as well as a desire to 
bolster the dollar. 

It was taken as a major selling 
signal by bond investors around 
the world and made a signifi- 
cant contribution to the recent 
weakness of stock and bond 
markets not only in the US, but 
in Europe and Japan. 


US Prime Rate 





7%! 

Dollar Y/$in London 



Nevertheless, yesterday’s rise 
was accepted calmly by inves- 
tors on Wall Street. The Trea- 
sury’s long bond edged higher 
in morning trading, although It 
was marginally lower by the 
close.' 

' The US stock market stabi- 
lised after Tuesday’s . 91-point 
rout, with the Dow Jones Indus- 
trial Average edging up 2.45 to 
close at 255L08. 

Unease over the rising trend 
of world interest rates domi- 
nated talks between leading 
centra] bankers at last week’s 
meeting of the International 
Monetary Fund, but there was 
no consensus on how they 
should respond. 

The central banks believe 
that the markets have over-re- 
acted to the rise seen in infla- 
tion in industrialised nations 
this year. 

The increase is seen as 


reflecting a bounce-back from 
the artificially low pace of price 
rises which followed the oil 
price collapse, rather than an 
upward shift in the underlying 
inflation rate. 

There was far less certainty at 
the Washington talks, however, 
over how the central banks 
should respond. 

Mr Karl Otto Poehl, the Bun- 
desbank’s president, argued 
that some tightening of mone- 
tary policy would produce an 
initial rise in short-term rates 
but coaid eventually dampen 
inflationary expectations, pav- 
ing the way for a renewed tell in 
long-term rates. 

That analysis, however, was 
not universally shared. Mr Alan 
Greenspan, the chairman ofthe 
Federal Reserve, was said by 
officials to have indicated that 
the US was not prepared to un- 
derpin the dollar tor continually 
raising the US discount rate. In 
was up to West Germany and Ja- 
pan to keep their borrowing 
costs low. 

Other central bankers voiced 
concern that rises in official in- 
terest rates could send the 
wrong signal to bond markets. 
Rather than dampening infla- 
tionary fears, such moves might 
be taken as a sign that those 
tean-were in shared by central 
banks. .... 

Mr Satoshi Simula, the Gover- 
nor of the Bank of Japan, said 
that he had no immediate inten- 
tion of raising the Japanese dis- 
count rate. He left open the pos- 
sibility of such a move, 
however, if market pressures 
intensified. ' 

One reason for the relaxed re- 
action among US investors yes- 
terday to the prime rate move 
was the strong evidence from 
the money markets that higher 
Continued on Page 29 
UK tax cats pledge. Page 8; Lex, 

Page 20; Haney markets, Page 33 


Dalai Lama calls for civil 
disobedience in Lhasa 


BY JOHN ELLIOT MOHARAM8ALA, NORTH MMA 


THE DALAI Lama, Tibet’s ex- 
iled Bhuddigt spiritual leader, 
yesterday called for mass pro- 
test and civil disobediance in 
the country in order to pul pres- 
snre on China to change its poli- 
cies and review its domination 
of his home country. 

The streets of Uiasa re- 
mained quiet yesterday as 
heavily armed police stood 
watch for possible outbreaks of 
anti-Chinese demonstrations on 
the 37th anniversary of China's 
entry into Tibet 

Speaking six days after 19 
people died in clashes in Lhasa, 
Tibet’s capital, the Dalai Lama 
■said that he was against violent 
[Protest because "violence is al- 
[mostsuicidaL* 

* Non-violent demonstrations 
and civil disobedience were 
neccessary as an 'expression of 
sorrow.” But he wanted to main- 
tain a pragmatic approach and 
indicated that he would not in- 
sist on full independence for Ti- 


pendence. 

"Contact with the Chinese 
Government has not yet pro- 
duced concrete shape. I do not 
want to discourage the Tibeten 


a turning point 
They see a link between the 
Dalai Lama's new peace pro- 
made during a visit to the 
last month and the demon- 


peoples’ wishes nor do I want to. strations in Lhasa last week. 


cut links with the Chinese gov- 
ernment* 

The Dalai Lama was speaking 
at his first formal press confer- 
ence in many years held at the 
capital of his government in ex- 
ile which has been situated for 
the past 28 years near O hara m- 
sala in the densely wooded Hi- 
malayan foothills of north In- 
dia. There are 120,000 Tibetans 
living in exile in India. 

The 37th anniversary of the 
Chinese invasion was marked 
by the government in exile giv- 
ing journalists, television crews 
and photographers access for 
the first time to Tibetans to al- 
low them to pnbliely condemn 
last weeks deaths in Lhasa. 

Before the 1 Whour press con- 
ference, there were praye r s in a 


The Dalai Lama welcomed 
China’s more lenient policies in 
Tibet but said 'deep down six 
million Tibetan people are not 
satisfied, not happy” that their 
country was being used for mili- 
tary bases and nuclear weapons 
production and that the ecology 
was being undermined. 

Tibet was being "colonised” by 
the Chinese and Tibetans could 
become a minority in their own 
land. 

The Dalai Lama called on "the 
world community" to protect Ti- 
betan culture and said that he 
-wanted both India and other na- 
tions to bring more pressure to 
bear on Peking. 

India, meanwhile, sealed its 
border with Tibet yesterday, or- 
dering frontier security forces 


bet if a concrete offer came temple regarded as a replica of to prevent an influx of refugees 

*•**»"«»— «—* •- — »- fleeing the riots in the Tibetan 

capital. China advised foreign- 
ers not to go to Tibet and Peking 

blamed the Dalai Lama and his 
supporters for the riots. 


(fVnm China. 

"The options are open,' he re- 
peatedly declared when asked 
if he would accept autonomy 
W ithin China, instead of incte* 


the Jokhuog central temple. 
Young people and activists 

among thm mniulne and rt ww nn. 

strators believe that relations 
between China and Tibet are at 


Europe - 

Companies, 
America. 


-22 


Crossword. 

Caret 


34 


.» 


Editorial 


Companies. 
Overseas — — 
Companies, 
World Trade - 
Britain, 
Companies, 


Ar. Eurobond 


.18 


. 21 : 


-S 

.25 


.34 

33 


Gold. 


-«A1# 


Inti. Capitol Markets . 

letters 

I CT — 


,a 


.34. 

.19 


39 


Hufeet Monitors. 
Men and Matters. 
Honey Markets*. 
Bur Materials — 


.14 

Ai 


as 


.33 


32 


Agriodto»~- 

Arfa-Bcvfews. 


World Guide 
CuMUinudlUes 


3 

23 


Stock markets -Beorses 4M4 

-Waft Street ; 41-44 

- Leaden 39- 4M* 

T teho s tog r „ 3> 

Unit Trusts 8 4- 37 

satin 



World Index. 


.34 


WALL STS 
INSIDER 
TRADING 
INQUIRY IN 
DIFFICULTY 


Ivan Boesfcy reads tbe tatmnd as he 
waits for sentence to be passed in 
December, Page 29 


Moscow: Gorbachev prepares ground 
for raising prices 2 

Sri Lanka: bloodbath drags in India ... 3 

British Steel polishes a 
image — 14 

Editorial comment: Competition in Eu- 
rope; when perks are divisive 18 

Lex: Dixons; Holmes-a-conrt;STC;US 
interest rates — 20 

Technology: simple pointers to health 
ofthe data centre .... 30 

Madrid: bourse comes of age — 44 

Appointments — Section DI 


Reagan 
may offer 
Managua 
regime aid 

By Lionel Barter In Washington 

PRESIDENT REAGAN yester- 
day held oat the prospect of US 
economic aid to Nicaragua if the 
Marxist Sandinista Government 
agrees to a negotiated ceasefire 
with the US-backed Contra reb- 
els and allows them to take part 
in a full democracy. 

Mr Reagan’s offer - while 
heavily hedged - marked the first 
time he has hinted at American 
economic aid to the heavily In- 
debted Managua regime. He or- 
dered akl to be cat off in 1981 
following Sandinista political re- 
pression and human rights 
abuses after the 1979 revelation 
which toppled the Samoa dicta- 
torship. 

In a speech to the Organisation 
of American States in Washing- 
ton yesterday. Hr Reagan de- 
clared his support ter the Cen- 
tral American regional peace 
plan and set out the conditions 
for the end of US military aid to 
the Contras. 

Mr BMpn acknowledged that 
the left-wing Sandinista Govern- 
ment in Nicaragua had taken 
some tentative first steps to- 
wards democratic reform. But he 
said that the Contras were tbe 
"essential guarantee' that the 
Sandinistas live up to their com- 
mitments under tbe plan. 

He said he weald renew his re- 
quest to Congress ter $279m 
worth of military and humanitar- 
ian aid to the Contras, spread 
aver 18 months. However, if the 
Sandinistaa negotiated a cease- 
fire with the Contras and they 
were then allowed to "contest 
power politically without retri- 
bution', US aid to the rebels 
would decrease proportionally. 

Mr Reagan then held ent his 
economic carrot: The assistance 
money will then be redirected to 
strengthening the democratic 
process in Nicarauga". 

The Sa n di n istas have refused 
direct negotiations with the Con- 
tras and have called for talks 
with Washington. Bat Mr Re- 
agan did not rule oat Contra-San- 
dlnista negotiations via a third 

GMtfnaed on Page 20 


French group 
claims Equity 
& Law victory 


BY MCK BUNKER M LONDON 

COMPAGNIE DU MIDI, the 
French insurance and industri- 
al holding company, is claiming 
victory in its three-week-long 
takeover fight for Equity Sc Law, 
the British life assurance 
group, after raising its offer and 
striking a deal with the rival 
bidder Mr Ron Brierley, the 
New Zealand financier. 

The French group said yester- 
day that It had increased its ba- 
sic cash-and-shares offer for 
Equity & Law, Britain’s 20th 
biggest life insurer, from 446p 
to 455. 6p per share, valuing the 
company at £457m ($745m). 

It added that on Tuesday Mr 
Brierley agreed to withdraw his 
bid and sell to Compagnie du 
Midi his entire 29.7 per eent 
stake. This is thought to give an 
estimated capital gain of at 
least £43m. 

Equity & Law's board yester- 
day recommended acceptance 
ofthe French group’s new offer 
- its third since the bid battle 
began. Mr Chris Brocksom, Eq- 
uity Sc Law’s chief executive, 
said it was *hot clear that Mr 
Briorloy's style of investment 
management would have fitted 


in with the constraints that ex- 
ist on investment of a life fund.” 

Mr Vienot said the French 
group intended to develop 'an 
exchange structure" to enable 
cross-fertilisation of ideas be- 
tween Equity & Law, and its 
own insurance staff 

The terms of Compagnie du 
Midi's new offer are complex. It 
is offering 450p per share in 
cash - matching Mr Brierley's 
second and last bid on Septem- 
ber 30. But its main offer con- 
sists of nine of its shares, plus 
£3,386 cash for every 1,000 Equi- 
ty St Law shares, valuing them at 
about 455.6p each. 

Alternatively, shareholders 
can take an offer consisting just 
of Midi’s paper and worth about 
472p per share. 

Mr Brierley said that Via 
Sehroders, his merchant bank 
advisor, told agreed to sell 
23.1m of his 29.6m Equity Sc Law 
shares to Compagnie du Midi 
and Kleinwort Benson, the 
French group’s merchant bank, 
for 450p each, and to accept the 
revised French offer in respect 
ofthe rest of his stake. 


Yugoslavia In IMF talks 

BY AUEJCSANDARLJEBLW BELGRADE 


YUGOSLAVIA will probably be 
among the first beneficiaries of 
the International Monetary 
Fund’s plans to revive its Ex- 
tended Fund Facility, revealed 
at the IMF’s annual meeting in 
Washington last week. 

Mr Svetozar Rikanovic, the 
Finance Minister, has discussed 
with Mr Michel Camdessus, IMF 
managing director, the possibil- 
ity of borrowing an unspecified 
amount from the facility to help 
the country overcome serious 
|debt servicing problems. 

The EFF was set up in the 
1970s to provide money for Ion- 
|ger periods than normal stand- 
by credits. 


Yugoslav authorities prefer 
the EFF because they would 
find it easier to enter an agree- 
ment under a different name 
because they have strongly cri- 
ticised the IMF and standby ar- 
rangements in tbe past 

The country (ailed to make 
$245m of principal repayments 
due to banks last June and July 
and has asked government and 
commercial bank creditors to 
negotiate 'reconstruction" ofthe 
country’s external debt. 

The Government plans to sub- 
mit to Parliament in about 10 
days a programme to deal with 
the economic crisis. 



AIR LILLE 





AIR TOULOUSE 
AIR MONTPELLIER 



AIR NICE 


A sharp intake; 

Up to 216 drvet fSghts a week. 
More destinations and frequ- 
ency to France tbanany other 
arrfine (ThereaminfadcSrect 
Rights from London to ten major 
dties throughout France.) 

That indudes London to ftiris - 
up to fwenfy-one in atf - each 
way per day. 

Another deep breatfb 
You can Iruve/ drod to Forts 
from atf four tondbn airports - 
H e athrow; Gatwick, Stansted. 
London G ty (STOLport)? as 
weS as Birmingham, Man- 
chester Bristol Aberdeen, 
Edinburgh and Dublin That's a 
pretty comprehensive service, 
t's also quick but nevertheless 
comfortable, Badcdy (or 
rather luxuriously) because 
we’ve upgraded CLi Oass on 
our LarKkxr-Paris route adding 
50% extru seating. 

But (heq even Economy Obss 
offers not only more Jegroom 
but in-tight catering with 
complimentary vtine or drinks. 
Just one cd books your Sght 

hotel hire case 

Air France Breathe the words. 


TAKEAOEBP BREATH. 


Cawtf ywrThWAM tviU- fhawt I5S Now Sand&iMt tandba WTY (MX U OMW Mb. 













2 


Financial Times Thursday October 8 1937 


EUROPEAN NEWS 


OVERSEAS NEWS 


The Soviet leadership is handling warily a key element of economic reform, writes Patrick Cockborn 

Gorbachev prepares the ground for raising prices 


FEAR OF an increase in prices is general 
thonghout the Soviet Union. Ur Uikhail Gor- 
bachev told a meeting in Murmansk last week. 
There was one key question in people’s minds: 
Is the leadership planning to solve all the 
problems of the economy by lowering the 
people's living standards?' 

Answering his own question, Ur Gorbachev 
said that no section of the population would 
suffer a drop in its living standard but that 
price Increases were essential. 

State subsidies mean there is little relation- 
ship between production costs and retail price 
- the difference between the two costing the 
government Roubles 57bn (£S7bn) for meat and 
milk alone in 1986. The result is waste: "One 
can see children using a loaf of bread as a ball 
in their games,” Ur Gorbachev said. 

His efforts to calm popular forebodings 
about prices in last Thursday's speech, broad- 
cast on all television channels, show that the 
Government is worried. It knows that in the 
Soviet Union, as in Eastern Europe, the way 


the Government handles price changes is the 
key to popular acceptance of economic 
change. 

In Hungary, many prices were raised suc- 
cessfully in the late 1960s and early 1970a; in 
Poland, sudden price increases brought politi- 
cal disaster. 

Yet Mr Valentin Pavlov, appointed chairman 
of the State Committee for Prices last year, 
says that the most important change will not 
be in retail prices but in raising intermediate 
prices for fuel, energy and raw materials. 

So long as the cost of these to industry re- 
mains so ont of keeping with what they cost the 
state, then the cost accounting which is to be 
introduced into the way all 4S.0QQ Soviet enter- 
prises are run will be without any real yard- 
stick of value. The cost of the main inputs is 
distorted by a complex system of state subsi- 
dies. 

For example, Ur Pavlov says: The cost price 
of one tonne of coal for the power industry is 
Roubles 18 but it is sold at Roubles 12. In the 


e cost of 


power industry, therefore, the 
energy and heat production and, co: 
ingly, the price is understated by one third.' 


Countless other examples of this divorce be- 
tween costs and prices makes it extremely dif- 
ficult for the Government to plan ahead or to 
use subsidies effectively to encourage greater 
output. A first priority for Mr Pavlov is to 
straighten out the extreme muddle in the pric- 
ing system left by bis predecessor, Mr Nikolai 

Glusi 


Going by the experience of China and East 
European economic reforms. Dr Oleg Bogomo- 
lov, one of the Soviet Union’s main experts on 
other Socialist systems, says there is bound to 
be inflation as prices become responsive to 
demand. But he also argues that the present 
system Is by no means immune to inflation, 
although it may take hidden forms. For in- 
stance, money incomes rising Caster than the 
supply of goods means queues, deferred de- 
mand through a big rise in savings (deposits in 


savings banka total Roubles 270haX and con- 
cealed price increases. 

Dr Bogomolov dismisses the retail price in- 
dex of the State Committee for Statistics as 
unrealistic. He says that contrary to their fig- 
ures, the real cost .of the basket of goods con- 
sumed by a Soviet citizen living in a city “has 
more than doubled in price since the end of 
the 1950s.” Lack of goods has also led to the 
development of the black market where the 
consumer has to pay inflated prices. 

The Government clearly sees that successful 
price reform over the next threeyears is cen- 
tral to economic development. The danger is 
that, since wage levels are being change* 
the same time to reflect productivity bel 
some groups - such as the conntry*s 50m pen- 
sioners - will find their living standards sud- 
denly slashed. Hence the desire of Ur Gor- 
bachev and his main economic experts to 
explain in time what they plan to do to Soviet 
prices. 


Peace talks in Italy’s religious lessons row 


BY JOHN WYLES IN ROHE 


THE embarrassing clash be- 
tween the I talian Government 
and the Vatican over the teach- 
ing of religion in state schools is 
heading for an amicable conclu- 
sion after a political summit 
yesterday. 

Mr Giovanni Goria, the Prime 
Minister, and Cardinal Angus to 
Casaroli, the Vatican’s Secre- 
tary of State, emerged from 90 
minutes of talks yesterday im- 
plying a mutual understanding 
but refusing to discuss it public- 
ly. Their talks followed a secret 
meeting on Sunday in which the 
two men are thought to have 
identified the path to an agree- 
ment 

Nothing official is likely to 


emerge until Mr Goria has faced 
Parliament on Friday when be 
will run into a barrage of resis- 
tance from the Communists and 
groups further to the left 
against any sell-out over the is- 
sue 

But Mr Goria’s main anxiety 
will be to hold together his 
five-part coalition in the face of 
the Vatican's rather abrasive 
diplomacy. A parliamentary 
agreement between the coali- 
tion parties over the issue was 
frozen last week by a demand 
from the Holy See for immedi- 
ate talks. 

The Vatican claimed that the 
Government was about to alter 
unilaterally the Concordat by 


apparently weakening the 
state’s commitment to guaran- 
tee Catholic teaching in 
schools. 

The church objected in par- 
ticular to a recommendation to 
headteachers that lessons 
should be held either at the be- 
ginning or end of the school day 
for the convenience of those pu- 
pils opting out. 

The compromise is expected 
to reaffirm the state’s commit- 
ment to teach Catholicism while 
leaving the actual timing of the 
weekly "hour of religion* to be 
decided by headteachers. The 
smaller lay parties in Mr Gor- 
ia's coalition - the Republicans, 
Liberals and Social Democrats - 


will not be happy about drop- 
ping this recommendation. But 
since his key partner, Ur Betti- 
no Craxi’s Socialists - will offer 
no objection, the Government 
looks likely to survive this unex- 
pected storm. 

Cardinal Casaroli sounded . 
slightly defensive yesterday 
about the church’s abrupt inter- 
vention last week. The parlia- 
ment he said, had "given the im- 
pression* that it was heading for 
an arrangement which did not. 
fully conform with the Concor- 
dat. But the Vatican had been 
assured that "the intention was' 
not in certain respects, that 
which was implied by the text of 
the agreement” he added. 


Athens may 
aid ailing 


compames 

By WIHam Dawldna hi Brussels 


THE European Commission yes- 
terday gave the Greek Govern-, 
meat permission to provide aid; 
to ailing companies, but im-. 
posed far tougher condition*! 
than Athens was seeking. 

The move sanctions a three- 
year-old national subsidy]! 
scheme whereby the state-a 
owned Greek Business Recon-I 
struction Organisation helpsl 
companies in financial difficul- 
ties by converting their debts 
into government-guaranteed eq- 
uity. But it gives the commission 
the right to vet assistance in ad 
vance and to make it condition- 
al on restructuring. 

So for, the organisation hasj 
-bailed out 45 companies, in- 
cluding some of Greece’s lar- 
gest textiles, timber and cement 
suppliers. Of that total, 22 were 
in such poor financial shape 
that they were later liquidated. 

Normally, EC competition 
roles outlaw state aid of this 
sort on the grounds that It gives 
the beneficiaries an unfair edge 
against unsubsidised competi- 
tors. However, the Treaty off 
Rome does allow governments 
to hand out state aid when it is 
needed to "remedy a serious 
disturbance" in their econo- 
mies. The Greek system was felt 
to be a special case because it 
was a legacy of the government! 
practice of imposing unrealisti- 
cally low price controls on a 
range of staple commodities be- 
fore the country’s accession to 
the EC in 198L Yesterday's de- 
cision is the outcome of an in- 
quiry by commission competi- 
tion authorities in which 
Athens had pressed for a free 
hand to refinance troubled 
companies. 

Instead, Brussels has insisted 
that it is notified in advance of| 
state refinancings for all groups 
employing more than 300 peo- 
ple It will only sanction aid 
that is conditional on promises 
from the recipients to "under- 
take all necessary measures' to 
ensure their commercial viabil- 
ity and which does not help the 
recipients increase their capac- 
ity. 


Red faces as French Asse 
prepares to vote on Nucci 



BY PAUL BETTS M PARS 


THE French National Assembly 
has returned to work this week 
for Its autumn parliamentary 
session os a note of high drama 
and political embarrassment 
for bout sides of the Anise. 


The Assembly was last night 
due to take the rare step of vot- 
ing to tilt the parliamentary im- 
munity of Mr Christian Nucci* 
the former Socialist Co-opera- 
tion Minister, and allow him to 
appear before a special high 
court. 


accused of financing his March 
1988 election campaign out of 
official fends. But Mr Nucci has 
denied the charges a gainst him 
and riaimgri instead that he has 
been the victim of the machina- 
tions of the former director of 
his private office, Mr Yves Chal-; 
ier. 


Moreover, the affiiir also 


The affitir subsequently snow- 
balled into a sequence of comic. 


episodes, including the disap- 
-Chalier to South 


Mr Nucci has been at the cen- 
tre of what has become known 
as the Canefimr du Dcveloppe- 
•meat (Crossroads of Develop- 
ment) scandal The affair first 
broke out last autumn when ac- 
cusations of embezzlement 
were made against Mr Nucci 
and officials connected with 
him over the financing of the 
1984 Franco- African summit at 
Bujumbura. Some of the fends 
were made available through 
the Camfawr du Development, 
an aid organisation created by 
Mr Nucci. 

The former minister was also 


pearance of Mr i 

America with a false passport 
apparently issued to him by an 
official working for the right- 
wing Interior Minister, Mr 
Charles Pasqua. Mr Chalier was 
later arrested but has since 
been released on remand after 
staging a hunger strike in a 
French prison hospital. 

At first the scandal seemed to 
provide a golden opportunity 
for the new right-wing govern- 
ment to discredit the former So- 
cialist administration. But as 
the affair of Mr Chatter's false 
passport unfolded, it also be- 
came a source of embarrass- 
ment for the right 


raises the old con tr o v e rsy over 
the financing of political par- 
ties in France where there are 
no strict guidelines to ensure 
the transparency of parly finan- 
cing. The issue is likely to be- 
come all the more pertinent as 
next spring’s presidential elec- 
tion campaign gathers momen- 
tum. 

It is the first time in the histo- 
ry of the Fifth Republic that 
Parliament will be voting to lift 
the parliamentary immunity of 
one of its members to send him 
before the special- high court. 
The last time this exceptional 
procedure took place was when 
M a r shal Petain and his Prime 
Min iste r , Pierre Laval, were ar- 
raigned for high treason for 
heading the Vichy regime. 

For the political parties, the 
affair could become all the 
more embarrassing since it is 
likely to hang heavily over the 
new parliamentary session 
which already promises tp be 
particularly turbulent with the 
approach of the presidential 
elections. 


EC struggle 
over steel 
cut advisers 


By WIlBurn Dawtdna ki 


THE 17-man E ur ope a n Com- 
mission was yesterday strug- 
gling over the selection of a 
panel of three wise men to ad- 
vise on the Community’s steel 
crisis. 

Concern was growing among 
steel officials in Brussels 
the panel caanot be choaen un- 
til it has been given a mandate 
. and the extent of its remit 
was the wm»Iw point in 

yesterday’s debate at the ce 
mission's weekly meeting. 

Time is running out for the 
mid-November deadline by 
which the Brussels authorities 
want tiie panel to come up with 
ideas for cutting the 30m 
tonnes of steel-making overca- 
pacity which the commission 
says must be closed to bring 
supply into line with demand. 

If member states cannot 
agree on substantia] capacity 
cuts* the commisakm is threat- 
ening to scrap aU steel output 
controls from the end of the 
year. Steel producers have 
waned that this would force 
them into a damaging price 


Polish reformist paper at risk 


BY CHRSTOPHER BOBMSN * WARSAW 


THE FUTURE of one of Po- 
land's most outspoken reformist 
journals, Zarxadzanle (Manage- 
ment), is in jeopardy after being 
told to leave the press group to 
which it belongs. 


Membership of the Rzeczpos- 


polita group had assured the 
journal access to rationed pa- 


Voest- Alpine probe 


THE assistant general director 
of Voest-Alpine, the Austrian 
state steel and engineering 
group, is being investigated for 
allegedly selling arms to Iran, 
writes Judy Dempsey in Vienna. 

Last weekend, the authorities 
in Linz, where Voest-Alpine has 
its headquarters, searched the 
home and office of Mr Claus 
Raidl who, besides being assis- 
tant director general, is also the 
company’s head of finance. The 
company has vigorously denied 
the arms sale allegations. 

Ur Raidl is alleged to have 
been involved in the illegal sale 
of 30 cannon to Iran at the end 
ofI986. 


The paper, which has a circu- 
lation of 17,000 and is read by 
senior management throughout 
industry, has been part of the 
Rzeczpospolita publishing 
group headed by the Govern- 
ment’s own daily newspaper. 
The group, which is managed by 
close political allies of Mr Zbig- 
niew Messner, the Prime Minis- 
ter, has now told Zarzadzanie'S 
editorial board to find a new 
sponsor. 


per and printing facilities 
which in Polish conditions are 
more important to the existence 
of a publication than mere fi- 
nancial viability. 


face of conservative bureacratic 
opposition. Two years ago, Mr 
Zbigniew Szalajda, a deputy 


torpedoed an attempt 
a de- 


Zarzadzanie’s problems come 
as the Polish authorities are 
about to unveil a programme of 
decentralising market-orientat- 
ed reform measures, including 
a major reorganisation of the 
economic arm of the Govern- 
ment. 

Since 1982, when economic 
reforms began, Zarzadzanie has 
argued for the changes in the 


the paper to organise 
bate on restructuring central 
government oa tines similar to 
those soon to be announced. 

It is expected that Mr Szalaj- 
da will continue to be responsi- 
ble for industrial policy in the 
new government framework, 
which be once opposed. 

Zarzadzanie was also the first 
publication in the Soviet bloc to 
publish lists of company results 
which revealed where profits 
were being made and whose 
losses were being covered fajf 
the Government 


Officially, the ftrture panel 
members’ identities are being 
kept a close secret, though two 
names were being widely men- 
tioned yesterday. They include 
Viscount Etienne Davignon, 
the former EC Industry Com- 
missioner, who was under- 
stood to be withholding Us fi- 
nal response to Brussels' 
invitation until the panel's 
mandate has been set, ideally 
giving him wide fr eed o m to ne- 
gotiate with steel companies. 

The ether is Processor Um- 
berto Colombo, chairman of 
Enea, the Italian atomic ener- 
gy authority and a close friend 
of Mr Romano Prodi, president 
•f 1R1, the state industrial 
holding group which controls. 
Finsider, the national steel 
producer . 

The third man Is expec te d to 
be recruited from West Ger- 
many, the EC’s biggest steel 
producing country. One group 
of Commissioners, including 
Mr Frans An dries sen, in 
charge of agriculture. Lord 
CockfieM* responsible for the 
internal market and Mr Peter 
Sutherland, In charge of com-, 
petition policy, is anxious that 
Brussels should not cede too 
much of its r esp on si bility to 
thepaneL 

They want it to be given a 
very -general exploratory man- 
date, leaving it to national gov- 
ernments to decide oa individ- 
ual plant shut-downs, but with 
commission help. At the ether 
extreme, Mr Karl-Heinz 
Naijcs. the Industry Comini s- 
siouer, is'saM to favour a more 
precise m a nd a te •Free food 
worth EcaJUMm wiU be handed 
out to Europe’s poor and un- 
derprivileged next year if a 
plan confirmed yesterday by 
the European Commission is 
agreed by member states. 


GULF 

CBOPBIAnON 

C0UMC1L 



EC, Gulf 
talks suffer 
setback 


By Quentin Peel hi Brussels 


PROSPECTS for a free trade area 
being negotiated between the Euro- 
pean Community and the member 
states of the Gulf Cooperation 
Council (GCC) received a severe 
setback yesterday when the Euro- 
pean Commission proposed a re- 
strictive mandate for trade negotia- 
tions. 

The proposal to be put on the 
table is for no better than a stand- 
still in current trade relations to- 
gether with the sop of more forma- 
lised political relations. That has 
now to be approved as a negotiating 
mandate by the 12 EC member 
states before talks can begin. 

Only in some indeterminate sec- 
ond phase would any question of a 
free-trade area be raised, a Com- 
mission spokesman mid yesterday. 

The deal would offer most-fa- 
voured natio n status to the mem- 
bers of the GCC, including Saudi 
Arabia, Kuwait, the United Arab 
E mirates and Oman. That does not 
offer any real change in present re- 
lations, because 80 per cent of Gulf 
exports to the EC are already in the 
form of tariff-free crude ofl. 


The r emain i n g exports, i ncludin g 
mainly r efine d petroleum and pe- 
trochemicals, already enjoy the ad- 
vantages of the Generalised System 
of Preferences. 


The offer of a standstill may no- 
netheless be seen as a reassurance 
that the EC will not seek to impose 
higher duties on petrochemical im- 
ports to protect its own petrochemi- 
cal industry. 


The Commission also proposes 
cooperation in fields such as manu- 
facturing industry, energy, science 
and technology and the environ- 
ment 


The negotiating mandate Is so 
modest as to be unlikely to cause 
problems for the EC Council of Min- 
isters, whereas any suggestion of a 
free-trade area would have run into 
stiff o p po siti on. 

The Community will therefore be 
in a position to honour its political 
commitment to the Gulf states of 
reaching a rapid agreement, simply 
because the deal will barely change 
the status quo. 


Banks set moderate tone for Spanish wage round 


BY TOM BURNS M MAORI) 


UNIONS representing Spain's 
150,000 bank employees have 
settled for a salary increase 
next year of L5 per cent above 
the inflation rate in a keynote 
agreement which sets the tone 
for moderate wage increases in 
line with the Government’s poll' 
cy. 

A further feature in the agree- 
ment, which will be pot to a ref- 
erendum ballot of union mem- 
bers in the course of this month, 
is the acceptance by the anions 
of afternoon banking hoars. 


The projected salary rise will 
stand at 4^5 per cent next year if 
the Government achieves its 
1987 target of reducing inflation 
by two points to 3 per cent The 
4.5 per cent figure is close to the 
government guideline of a 4 per 
cent wage rise for public sector 
employees and it contrasts 
strongly with calls by national 
anion leaders for salary in- 
creases of about 8 or 7 per cent 
As the first of the nationwide 
wage agreements to have been 
successfully negotiated, the 


pact between the private banks 
and their employees is expec- 
ted to have a psychological ef- 
fect which will induce salary 
moderation in the forthcoming 
bargaining in other sectors. 

The apparent absence of mili- 
tancy among the bank employee 

negotiators indicates that the 
Government’s budget package 
of salary moderation, lowered 
Inflation and reduced income 
tax for the lower-scale wage- 
earners is gaining ground on 
the blanket rejection of Its 


plans which has so for been ex- 
pressed by the main union lead- 
ers. 


The green light for afternoon 
hanking hours had long been 
sought by the big banks 

Under the terms of the pact. 
20 per cent of branches, staffed 
by 20 per cent of employees, 
will remain open from Monday 
to Thursday until 5pm except 
during the summer vacation pe- 
riod, between June and Septem- 
ber, when banking hours mil be 


8am to 3pm for all branches. 

On Fridays, year round, banks 
will close at 3pm. On Saturdays, 
they will also remain open until 


3pm excegt during the summer 


months when they will not open 
at alL At present, banks are 
open until 2pm on Saturdays 
but close at midday in the vaca- 
tion period. 

If the agreement Is, as expec- 
ted, endorsed by the planned 
referendum, the new banking 
hours could be in force before 
the end of the year. - 


Turkey court to rule on poll date 


BY DAVID BARCHARD IN ANKARA 


TURKEY'S Constitutional Court is 
expected to rule today on a request 
by the Social Democratic opposition 
for the annulment of tbe law advan- 
cing the general election by a year 
to November 1. 

The opposition has objected to 
five clauses in the law which, it 
claims, violate the constitution. 
These include: the curtailment of 
the campaign period; an electoral 
barrier which means parties must 
obtain between 20 and 30 per cent 
of the. votes in a multi-member con- 
stituency to get into parliaments 
and the selection of candidates by 


party leaders rather than by pri- 
mary elections. 

A rapporteur has already submit- 
ted a formal opinion that at least 
one of these objections is valid. 
However, the court will not neces- 
sarily accept this in its ruling. 

The Constitutional court now 
seems to be the last serious hurdle 
which the Prime Minister, Mr Tur- 
gut 0=al, and the ruling Motherland 


If the opposition complaint were 
upheld, the election would probably 
be held next spring. The main dis- 
advantages from Mr Ozal’s point of 
view would be the need to reselect 
all candidates and the prolongation 
of uncertainty in the country. 


A further disadvantage would be 
that 2m voters, disenfranchised in 
1982 for five years by the military 


Party have to face. The general ex- for boycotting a referendum, will 
pectation is that Mr Ozal will take regain the right to vote from No- 
more than 40 per cent of the votes vember 8 onwards. They will presu- 
in the election and could be 20 to 30 mahly vote against the Motherland 
per cent ahead of his nearest rivals. Party. 


Swedes to probe 
escape of spy 


THE SWEDISH Government yes- 
terday ordered the country's top 
law officer to investigate how a con- 
victed Soviet spy, Mr Sten Bergling, 
managed to abscond during an un- 
supervised conjugal visit to his 
wife, Reuter reports from Stock- 
holm. 

The Justice Minister, Mr Sten 
Wickbom, said the Swedish Attor- 
ney General, Mr Bengt Hamdahi 


had been instructed to investigate 
Mr BergUng’s escape. Mr Bergling, 
who walked out of his wife's flat 
and disappeared, had been serving 
a life sentence since his conviction 
in 2079. 


Soviets ready to discuss 
Nordic arms reduction 


BY SARA WEBB IN STOCKHOLM 


ambassador with special responsib- 
ility for foreign affairs. 


A SENIOR Soviet official yesterday 
said that the Soviet Union would be 
prepared to discuss a reduction of 
nuclear weapons in the Kola Bsnin- Sir Grinevsky held "interesting 
sula and would welcome proposals and constructive* talks In Stock- 
from other countries. holm yesterday with Mr Rome 

Tbe Kola Peninsula is home to Carlsson, tbe Swedish Defence 
two thirds of the Soviet submarine- Minister, and Mr Rene Schorl, the 
based strategic missiles and about Swedish Under Secretary of State, 
half of the attack submarine fleet They discussed foe prop osa ls made 
“We have already phased out last week by Mr Mikhail Gorba- 
some missiles in this area. More chev. the Soviet leader, for a redue- 
suggestions would be welcome,” tion of naval activity in the Baltic 
said Mr Oleg Grinevsky, the Soviet and Arctic seas. 


Philippine army 

chief warns he 

cannot stop coup 


BY RICHARD GOURLAY IN MANILA 


fppine anned/orces chief- yes- iden ual press secretary as soy- 




iterday wanted, that a watttion ^net Tf 


of military and forres - -- Wlthin ^ 

was uniting to try to topple ... oarticiiwUoa of 

President Coraaon Aquino and involving toe pariiciiwjw w 

!tha? loyal troops alone would opposition politic*^ - 
mot be able to protect the Gov- question for 
ernmenL 
The warning 


followed two 
Cabinet crisis committee meet- 
ings in 12 hoars, called follow- 
ing repeated reports of re- 
newed coup attempts that 
government officials are taking 
very seriously. 

It also came a day after an in- 
terview with Col Gregorio Hon- 
a caw, foe leader of foe failed 
August 28 coup who is still at 
Large, was shown on national 
television. He attacked Sirs 


meat to handle/ Troops ua ar- 
moured cars and machine gun 
nests have snrronndcd Mala- 
canang Palace for most of foe 
six weeks since the Failed coup 
in August 28. Other troops have 
been deployed in the area. 

Soon after the Cabinet meet- 
ing, Mrs Aquino ordered foe 
closure of three radio stations 
which regularly broadcast in 
support of former President 
Ferdinand Marcos. Mr Teodoro 
Benigno, foe presidential press 
said General Ramos 


Aquino s lack of control of gov- secretary, said General names 
eminent and said he would lead suggested that the an j-Aquino 
farther efforts to topple her and coalition that is plotting toover- 
ir>g»j> a government headed fay throw the Government mig ht try 
a coalition of military, civilian, Ur MarMa baek 


church and opposition leaders. 

This (new) coup would in- 
volve the kind of political par- 
ticipation that the military will 
not be able to handle,* Mr Noel 


to bring Mr Marcos back from 
exile in Hawaii. . 

Observers say Mrs Aquino s 
staff have finally started to take 
action to oppose efforts to des- 
tabilise the Government. 


Refugees wait out 
bitter war 
with courage 


BY RICHARD GOURLAY M NAGA CITY 


FOR THE last month, Mr Gul- 
dote Fraginal and 131 refugees 
from 27 families have slept on 
the floor of a room no larger 
than a tennis court. During the 
daytime, when be would nor- 
mally be tending his corn and 
coconuts, Mr Fraginal sits and 
I waits for the mayors and the 
'military to say how he can live 
at home a gain with hi* family 

secure from foe communist-led 
New People’s Army (NP A) guer- 
rillas. 

' He is one of 655 refugees who 
have fled their hamlets near the 
isolated town of Polangui, 300 
miles south of Manila, to escape 
Just one of foe small wars that 
up foe Philippine insur- 
gency. 

Some of foe refugees said 
they fled because they were 
afraid of being caught in cross- 
fire between the rebels and 
troops who poured into the area 
after guerrillas blew up 
bridges, power lines and rail- 
ways last month. Others said 
they fled because foe NPA was 
trying to force their sons and 
daughters to join foe rebels. 
Still others took courage from 
foe flight of nearby villagers 
and decided they would not 
continue to pay the so-called 
"revolutionary taxes* that foe 
NPA extorts to support its 18- 
year war. 

Looking around at the cheer- 
fiii but ramshackle refugee cen- 
tre and foe scantily-clad kids 
dipping into large bags of do- 
nated broken biscuits, Mr Bo- 
rneo Salalima, acting Albay gov- 
ernor, said: "I think they wiU be 
here for months.* 

In feet, according to tbe re- 
gional commander. General 
Luis San Andres, there have 
been no real encounters with 
foe NPA since 1,000 crack Scout 
Ranger troopers were moved in- 
to foe area last month. *It is 
amazing how fast these people 
(foe NPA) can evaporate* he 
said. He knows that they could 
come back once the troops 
leave but he does not have foe 
troops to protect each of the 
3.400 hamlets in foe Bicol re- 
gion. 

Tbe more realistic villagers 
also realise that some time the 
troops will leave. 

Tbe government should trust 
us and give us arms to fight 
against foe NPA.” Mr Fidel Sa- 
vandon, a village leader said. 
They were trying to recruit our 
teenage men to join them - they 
might come back.” 

Prompted by the military, 
they are now reluctantly asking 
the mayors to help them set u 



ders and are providing vigilan- 
tes with guns, while one cabinet 
secretary. Mr Jaime Ferrer, 
who openly called for them to 
be armed, was assassi n ated in 
August 

Even without vigilante 
groups, however, the govern- 
ment has been helped by a 
change in NPA tactics in August 
when foe rebels started blowing 
up bridges and power lines. "Be- 
cause the bombings happened 
during a foe Penafrancia (a fes- 
tival honouring foe Virgin 
Mary) foe rebels unwittingly 
created the impression ‘that 
they were anti-religious and af- 
ter two seasons of drought and 
one typhoon, they have com- 
pounded people's problems by 
disrupting transportation.* Ca- 
marines Sur governor, Mr Luis 
Villafiierte. said. 

The military in Bicol is mak- 
ing foe most of foe reftigees and - 
the blown bridges to try to pol- 
ish their badly tarnished i ma ge 
- and with some success. As one 
bus driver said: The military 
doeB not give us trouble now.* 
There is hardly yet warm and 
welcoming support for govern-* 
ment troops. But it is already 
greatly different from foe days 
under former President Ferdi- 
nand Marcos when foe military 
was notorious for brutal treat- 
ment of foe people they were 
supposed to be defending. 

The change in mood Is 
brought home most vividly by 
Bicol’s poorest villagers who 
live isolated from any sign of 
the Philippine government and 
are constantly between the 
lines in the insurgency war. "Be- 
fore. we went along with the 
NPA regulations (paying taxes 


me mayors io neip mem set up regulations (paying taxes 

armed vigilante groups who will and feeding them) ... foe rebels 
act as a bush telegraph for foe 


military and the first line of de- 
fence. They were asking reluc- 
tantly because they had beard 
stories - some from the NPA - 
about how foe vigilante groups 
elsewhere abused foe people 
they were supposed to defend. 
"Now we have met some vigilan- 
tes we would like them to de- 
fend our families,” Mr Delfin 
Balauro, a father of 11 from Kar- 
an village said. 

But local politicians and re- 


never made trouble in the past. 
But they have become abusive,* 
said Mr. Savandon, the village 
leader. 


Finally, Mr Fraginal, who 
says be earns $50 a year in cash 
in addition to his subsistence 
crops, told of how be prepared 
food for the NPA. "Each time 
they come, it's five pesos (18p> a 
person, sometimes five of them - 
two or three times a month," he 
said. "They stay for three meals 
*nd one night I was afraid of 


g onal commanders, who strong- t ^ em - if they did not get food 
back the formation of vigtian- they might kin us." 
tea, say President Corazon 


t 


Aquino's national policy is un- 
clear. When foe vigilante 
groups were first set up in foe 
southern Philippines, she said 
the military should not supply 
their arms. The groups could’ 
easily turn into private armies,' 
would be difficult to control 
and would be untrained, many 
officials thought The initial 
group attracted assorted crimi- 
nals, 'goo ns* and former NPA 
rebels who paid Kant attention 
to due process before assuming 
a villager was a communist Hu- 
man rights activists Uwnediate- 
pty shouted foul and suggested. 

I -the government was endorsing 
what would become right-wing 
death squads - although there 
has so far been more talk of 
what could go wrong than re- 
ports of actual atrocities. 

Some military commanders 
have quietly ignored these or- 


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OVERSEAS NEWS 


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Rabuka’s ministers reflect 
ethnic Fijian nationalism 


BY CHRIS SHERWEU.M SUVA 

6o>L SmVENI Rabuka, Fiji’s 
military ruler, last nigbt named 
a 19-member Council of Minis- 
ters to ran his new race-based 
republic which reflected the 
strong ethnic Fijian nati onalist 
forces supporting his seizure of 
power. 

The council includes two se- 
nior military officers apart from 
Col Rabuka, at least six mem- 
bers of the extreme Taukel 
movement which has backed his 
intervention, and several mem- 
bers of the government which 
lost last April’s general elec- 
tion. 

The only Indian, a woman, has 
minimal support from her com- 
munity, and there are no Euro- 
pean or Chinese members. Col 
Rabuka heads Home Affairs 
and the public service, while 
the key Finance Ministry is 
headed by Mr Josua Cavalevu, a 
technocrat and former diplo- 
mat 

Col Rabuka named his team 
in a nationwide broadcast He 
said the Interim government 
would make the necessary 
changes associated with becom- 
ing a republic, complete a new 
constitution and hold elections. 

The magic about becoming a 
republic,” he declared, was that 
ethnic Fijians regained their 
sovereignty and the nation be- 
came autonomous”. Fiji 

was shedding forever its "tat- 
tered garments for new ones," 
and would "regain Paradise 
Lost”. 

Earlier, Col Rabuka met the 
press looking tired but behav- 
ing as though a heavy burden 
had been lilted from his shoul- 
ders. "There should be no ques- 
tion in anybody’s mind,” he 
warned, 'about our determina- 
tion and resolve to continue in 
this new republican era." 


PACIFIC 


fOWK* 



He said the Queen’s status as 
head of state was revoked, the 
Governor General’s post no lon- 
ger existed and the vestiges of 
the monarchical relationship 
would be done away with. 

The new constitution would 
be adopted "once it Is ready" 
and elections would only be 
held when the environment was 
"conducive to promoting a sta- 
ble climate." 

On the local press. Col Rabu- 
ka said it was free to publish 
provided "they do so under our 
oversight". Trade anions would 
also have to be reformed, and 
Singapore offered a model 
"worth emulating*. 

As for the economic crisis - 
underlined by a IS 25 per cent 
devaluation of the currency yes- 
terday, the second such adjust- 
ment in three months - 1 be- 
lieve very firmly that the 
economic crisis is only short 
term.” 

To conserve foreign exchange, 
the Reserve Bank has also 
halved the travel allowance hol- 
idaymakers are allowed to take 
outside the country. In addition 


it' has told the banks they fece 
punitive action if they foil to 
keep tight control on credit 

Details of Col Rabuka’s Conn' 
ell of Ministers came as a sur-J 

ical^] post minister* of ^jian 
Affoirs, was given to Ratu Hell 
Ve&ikula, an outspoken repre- 
sentative of the Taokei move- 
ment which seeks 
Supremacy in Fiji. 

In this position he will ehairf 
meetings of the influential 
Great Council of Chiefs, which 
is expected to convene next 
week to discuss and perhaps en- 
dorse a new republican consti- 
tution. 

Also on the council are Mr 
Apisai Tore and Mr Tanieln 
Veitata, both Tanks! figures, 
and Mr Bntadrofca, 

whose Fijian Nationalist Parly 
is openly anti-Indian. 

Mrs Irene Jai Narayan, the In- 
dian woman appointed to heed 
the new Ministry of Indian Af- 
foirs, is as outspoken on the pol- 
itics of race as her Fijian col- 
leagues. Another woman on the 
list is the daughter of indepen- 
dent Fiji’s first governor gener- 
al and a Taokei supporter. 

Col Rabuka has also given a 
post to his number two in the 
armed forces Lt Col Kacisolo- 
mone. A keen rugby fon, he was 
made minister of youth and 
sport Mr Filipe Bole is Foreign 
Affoirs Minister. 

On the fote of the Governor 
General, Col Rabuka said Rata 
Sir Penaia Ganflau's continued 
presence at Government House 
did not undermine the new re- 
gime's authority. It just shows 
my respect for the person.” But 
how long would the Governor 
General be allowed to stay? *He 
can stay there forever,” m'm Col 
Rabuka. 


Neighbours refuse recognition 


BY ROBIN PAULEY, ASM BXTOR 
REACTION TO the declaration 
of a republic in Fiji was swift 
yesterday with Australia and 
New Zealand, the two major 
powers in the region, both ref- 
using to recognise the new re- 
gime. 

Mr David Lange, Prime Minis- 
ter of New Zealand, said his 
Government would suspend aid 
and military co-operation worth 
$&5m a year and not renew sug- 
ar agreements favourable toFi- 
ji-He also hinted that New Zeal- 
and might break off diplomatic 
relations with Fiji, although 
that seems unlikely . 

Mr Bob Hawke, the Austra- 
lian Prime Minister, said he 


continued to support Ratn Sir 
Penaia Ganilau, the Governor 
General of Fiji, who has refused 
to recognise the regime of Col 
Sitiveni Rahnka and clalmB le- 
gal executive authority remains 
with him . 

Mr Bill Hayden, the Austra- 
lian Foreign Minister, said of 
Col Rabuka’s republican re- 
gime: It’s illegal. We don’t ac- 
cept it We may-have to consider 
downgrading the level of repre- 
sentation there, but I think we 
need to establish first just what 
the reactions are and what the 
practical effects are within FI- 

In London Buckingham Pat. 


ace was more reticent, saying] 
only that the Queen, who has 
strongly supported her Gover- 
nor General's opposition to the 
coup leaders’ plans fora repub- 
lic, was being kept "closely in- 
formed." 

a repnbti^mFijr^^ittomean 
that its Commonwealth mem- 
bership lapses automatically, 
but Commonwealth officials 
said they were waiting to see 
what happened next 
Fiji is certain to be a major 
talking point at next week’s! 
Commonealth summit which be- 
gins in in Vancouver on Tnes-' 
.day- 


Sri Lanka’s bloodbath drags in India 


ETHNIC MURDER and vio- 
lence has returned to Sri Lanka 
on a scale every bit as bloody 
and indiscriminate as existed 
before the peace accord signed 
In July. 

The difference is that where- 
as the four years of violence and 
fUMO deaths before July high- 
lighted the impotence of the Sri 
Tfinfcan Government, army and 
police force to keep the peace 
between the majority Sinhalese 
and min ority Tamil communi- 
ties, yesterday's atrocities put 
the Indian Government and its 
army's peacekeeping force in 
an equally embarrassing posi- 
tion of failure. 

The more the two countries 
try to contain the guerrilla vio- 
lence the more the guerrilla 
groups divide and splinter into 
action units which become 
more and more dispersed 
throughout the island’s trouble- 
spots. In this respect the prob- 
lems are similar to other insur- 
gencies, whether they be ethnic, 
religious or political - in North- 
ern Ireland, the Philippines or 
Central America - in that they 
have proved impossible to con- 
tain through military might 
alone. 


Robin Pauley sees little 
prospect for peace as 
separatists split into 
smaller more violent 
factions 


The July 29 peace accord 
signed between President Jun- 
ius Jayawardene of Sri Lanka 

and sir Rajiv Gandhi, Prime 
Minister of Tndte , involved a 
semi-autonomous homeland for 
the Tamils in a merged north- 
ern and eastern province. 

Mr Gandhi, who has spon- 
sored the Tamil cause, mainly 
because he has 50m Tamils in 
the south Indian state of Tamil- 
nedu, guaranteed the peace by 
promising to enforce an arms 
surrender by the Tamil guerril- 
las and by sending a peace- 
keeping force of at least 8,000 
soldiers and 1,000 paramilitary 
forces to Sri Lanka. Up to 4,000 
reinforcements are reported to 
be on the way after the latest 
violence. 


Mr Gandhi appeared to have 
secured an important victory 
when he won the grudging ac- 
ceptance of the accord by Mr 
Velupillai Prabhakaran, the 
young leader of the Tamil Ti- 
gers, who promised that his re- 
gional commanders would or- 
ganise a surrender of arms to 
the Indian forces. 

However, the Tigers have 
clearly split, with several fac- 
tions determined to hold out for 
nothing less than Eelam (libera- 
tion}. In addition, several other 
Tamil groups have become vio- 
lently active again not only to 
try to scupper the accord and 
fight on for Eelam bnt also to 
settle old scores within the vari- 
ous guerrilla groups. 

For example, the People’s 
Liberation Organisation of 
Tamil Eelam (Plote), the Tamil 
Eelam Liberation Organisation 
and the Eelam People’s Revolu- 
tionary Liberation Front are all 
rivals of the Tigers. Although 
the Tigers have traditionally 
been the most violent they have 
claimed that Plote has started a 
Tiger hunt,” ambushing and 
killing Tiger units and offices. 


The Tigers also claim that Plote 
together with the other two 
groups has formed a joint bit 
squad named Three Stans” to 
try to kill leading Tigers and 
wrest dominance of the Eelam 
campaign from them. 

So although recent reports 
have attributed all of the recent 
atrocities to the Tamil Tigers it 
is not clear which splinter 
group or rival guerrilla units 
have really been responsible 
for which murders and attacks. 
The current authority and poli- 
cy of Mr Prabhakaran, in partic- 
ular, remains unclear. 

What is clear is that most or 
the Tamil arms have not been 
surrendered and the Indian Ar- 
my has not rigorously enforced 
its promise of a search and con- 
fiscate campaign. Some esti- 
mates put the proportion of 
arms handed in as low as 5 to 10 
per cent Arms running is still 
rampant from Tamilnadu across 
the narrow Palk Strait separat- 
ing Sri Lanka from India. 

Tamil extremists have now 
adopted suicide as a tactic - 13 
Tigers including two regional 
leaders died in a mass suicide 


(his week and a Tiger PoUGca! 
(deputy leader fasted to death 
last month in protest against the 
peace accord. In both cases vio- 
lence followed. The ultimate 
self sacrifice has a dramatic ef- 
fect in such conflicts. Bobby 
Sands and his fellow hunger 
strikers in Belfast greatly 
heightened the tension In 
Northern Irelands with their 
deaths in 1981 as well as train- 
ing the world spotlight onto 
their cause 

It now appears that signifi- 
cant sections of all Tamil guer- 
rilla groups have reverted to a 
campaign of terror and murder 
against the Sinhalese and each 
other. The Indian Army may ul- 
timately have to open fire on 
the people whose side they 
were originally supporting. Al- 
though it is still early days for 
the accord, each new atrocity 
makes it harder to make peace 
hold. President Jayawardene 
and My* (land hi have each 
staked a sizeable chunk of their 
personal and political prestige 
on the accord. Each new death 
seriously undermines their 
joint and individual positions. 


Zimbabwe to 
hire S African 
locomotives 

By Tony Hawfcfcis In Harare 

THE National Railways of 
Zimbabwe has been given per- 
mission by the Government to 
hire 19 diesel locomotives 
fra South Africa to alleviate 
the acute shortage a t traction 
power on the Zimbabwean sys- 


Hewever, final approval of 
the hire agreement depends on 
apolitical decision in Pretoria. 
It is understood that the agree- 
ment was reached at official 
level as Zimbabwe and South 
Africa do not have foil embas- 
sies la each other*! countries 
bnt operate through trade atta- 


in the past the South Afri- 
cans have insisted that such 

agrim niOTitif li* Ili gltfA at miwte - 

Serial level and it was this 
which resulted in the with- 
drawal of South African toco- 
motives fra Zimbabwe in 
1981-82. 

The hire agree men t follows 
a NRZ disclosure that more 
than half of its locomotive fleet 
is currently off the rails be- 
leaase of a shortage of imported 
axes- The locos to be hired 
from South Africa are to be 
tea ed on the Mae fr o m Dahnka, 
near Gwarn in the Zimbabwe 
JBdtonds, to the border with 
Sooth Africa at Beitfaridge. . 


Iranians Are on Saudi tanker 


BY ANDREW GOWERS M DUBAI 

IRANIAN GUNBOATS fired 
grenades and rockets at a Saudi 
bunker fliel tanker yesterday 
just four miles off the emirate of 
Ajman, in the closest-ever Ira- 
nian attack to the Arab side of 
the Golf 

The 21, 032-tonne tanker Raad 
al Bakry was hit as it headed 
out of the Gulf towards the Red 
Sea port of Jeddah. Damage was 
minor and there were no re- 
ports of casualties. 

The strike, involving 
gunboats, was Iran’s first in the 
Golf since Iraq’s punishing air 
raid on five ou tankers at the 
Iranian oil terminal of Hormuz 
on Monday. It was also the first 
reported Iranian attack on a 
Saudi vessel since March. The 
Saadi Government has been 


taking a tough tine against Iran 
since the not by Iranian pil- 
grims in the holy city of Mecca 
at the end of July. 

However, the main signifi- 
cance of yesterday’s raid lay in 
its proximity to the coast of the 
United Arab Emirates, of which 
Ajman is a member. Although it 
was outside what Ajman claim* 
to be its territorial waters, it 
was well within the 12-mile lim- 
it which coastal states normally 
enforce: The UAE has been con- 
sidering whether to declare a 
general 12-mile limit, and the 
Iranian attack may be seen as a 
direct challenge to the conn- 
try’s authorities. 

With tension still high in the 
Gnl£ merchant shipping which 
does not enjoy the protection of 


any of the Western navies there 
now appears to be forming itself 
into m akeshift convoys to move 
in and out of the waterway. One 
such group of 12 vessels was 
spotted yesterday off the coast 
of Sharjah, another UAE mem- 
ber. Many of them were proba- 
bly Japanese, since Japan has 
just ended a temporary ban on 
Tfilingc into the G ulf 

In Tokyo yesterday, the Japa- 
nese Government announced it 
would provide an advanced 
ship-tracking system to help na- 
val forces protect shipping in 
the region, and promised to in- 
crease its contribution towards 
the upkeep of US forces in Ja- 
pan in a bid to offset the cost of 
America’s Gulf operations. 


Australia to ease airline restrictions 


AUSTRALIA unveiled a policy 
On domestic airlines yesterday 
•which aims to remove restric- 
tions on air fores and routes 
lover the next decade. Renter re- 
Iperte from Canberra. 

Mr Gareth Evans, the Trans- 
port and Communications Min- 
ister, told the Senate the policy 
would replace a two-airline 
agreement in October 1990, af- 


ter the required three years no- 
tice. The current agreement re- 
stricts main domestic routes to 
government-owned Australian 
Airlines and priva tely- owned 
Ansett Airlines of Australia. 

Australia's national carrier, 
state-owned Q» nf » g , would be 
allowed from next July to cany* 
passengers with international 
tickets on domestic routes, Mr 
Evans said. Other internat ional 


carriers would not be even the 
same privilege. 

The changes would pave the 
way for increased competition 
and could mean lower air fit res 
and greater efficiency, Mr 
Evans said. 

Mr Evans's announcement in- 
creased speculation within the 
industry that the Government 
might be planning to privatise 
Qantas. 


HK Governor 
dampens 
election hopes 

By David Dodweti In Hong Kong 

ADVOCATES in Hong Kong of 
direct elections next year to the 
territory’s Legislative Council 
drew tittle comfort yesterday 
from a speech by Sir David Wil- 
son, Hong Kong's Governor, in 
which he promised the Govern- 
ment would take "foil account” 
of public views on democratiza- 
tion, but would have to give 
equal regard to 'other relevant 
factors”. 

In the speech, which comes 
just a week after the end of a 
four-month public debate on 
political reform in which a spe- 
cially-created survey office re- 
ceived over 130,000 submis- 
sions, Sir David insisted that be 
would not attempt to pre-jndge 
the contents of a survey office 
report on reform. 

The Hong Kong Government 
has found itself under extreme 
pressure daring this debate, 
since many advocates of early 
elections have claimed the ad- 
ministration will ignore what 
they regard as overwhelming lo- 
cal support for elections in 
1988 . 

Chinese officials in the terri- 
tory have made clear Peking's 
opposition to such elections, 
and many have suggested w»»»t 
the local administration does 
not dare to invite a showdown 
on the issue. 


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4 


AMERICAN NEWS 


Financial Times Thursday October S 1937 


Foreign experts 
razil over 




BY IVO DAWNAY IN RIP DE JANEIRO 

FOREIGN EXPERTS on radia- International 
(ion contamination were flying 
into Brazil yesterday alter an 
urgent government appeal for 
international aid following 
a tragic leakage of highly toxic 
caesium-137. 

Details of the country's worst 
radiation disaster emerged last 
week when it was revealed that 


Placemen join stampede to hail the ‘born leader’ 


a scrap-metal dealer had bro- 
ken open a canister found in ra- 
diotherapy equipment The 
lead-encased container had 
been left in an abandoned med- 
ical clinic In Goiania, 200 kilo- 
metres south-west of Brasilia. 

So far some 58 people are 
known to have been contami- 
nated by the radioactive pow- 
der that was found inside the 
cylinder. Adults and children, it 
has been revealed, had played 
with the glowing caesium be- 
fore rapidly developing painful 
burns. 

As officials of the Brazilian 
Nuclear Commission iCNEN) 
continued an emergency search 
to track down all sources of the 
contamination, experts are pre- 
dicting that several of those in 
contact with powder have little 
hope of survival. 

Ten victims have been flown 
to Rio de Janeiro for treatment 
and are said to be in a grave 
condition. They will be exam- 
ined by Dr Clarence Lush- 
baugh, a specialist from the US 
National La bora to ly at Oak 
Ridge, Tennessee, who flew in 
to the city yesterday. 

Doctors and scientists from 
the Soviet Union, Israel, Argen- 
tina and West Germany have al- 
so responded to a call from the 


Atomic Energy 
Agency for urgent assistance. 

Meanwhile, thousands off 
Goiania residents in the 13-city 
locations where radiation tracts 
have been found are undergo- 
ing medical tests. Mr Rex Na- 
zare, the CNEN president, has 
insisted, however, that the dan- 
ger is pasL 

There is no risk of farther 
contamination,’ he said. "The 
situation is under control.” 

Despite these assurances, res- 
idents fear that farther toxic 
material may yet be undiscov- 
ered. There is also mounting op- 
position to a temporary plan to 
house the waste in a specially 
built concrete bunker some 
15km from the city. 

Mr Henrique Santillo, the 
Goias state governor, has in- 
sisted that it must be removed 
within a year to prevent the 
state becoming by default a na- 
tional damping ground for ra- 
dioactive materials. 

As an inquiry into the acci- 
dent begins, newspapers have 
reported that two similar caesi- 
um containers have been found 
in Sao Paulo and Recife under 
equally inadequate supervi- 
sion. 

• President Jose Samey was 
expected to announce a cabinet 
reshuffle on nationwide televi- 
sion and radio last night 

The ministerial changes - un- 
related to the Goiania accident - 
follow successive rows over the 
allocation of responsibilities 
between the centrist Democrat- 
ic Movement Party (FMDB) and 
the rightwing Liberal Front 
(PFLJ. 


Operating satellites 
s are 49% military’ 


THERE are 337 functioning sat- 
ellites orbiting the earth and 
nearly half are on military mis- 
sions, according to a group of 
scientists, AP reports from Cape 
Canaveral. 

The Soviet Union has 146 op- 
erating satellites and the US 
129, while the remaining 62 are 
owned by 13 other nations and 
international organisations. 

The Federation of American 
Scientists released the report 
this week in connection with 
the 30th anniversary of the 
world's first man-made satel- 
lite, the Soviets’ Sputnik 1, 
launched on October 4 1957. 

Of the 337 orbiting satellites. 


165, or 49 per cent, are military, 
the report said. 

The report said that two- 
thirds of the Soviet satellites 
and more than half of the Amer- 
ican payloads have military as- 
signments such as reconnais- 
sance, navigation, electronic 
intelligence gathering, ballistic 
missile warning and communi- 
cations. 

"This clearly demonstrates 
the military space priorities of 
the United States and Soviet 
Union * said Mr John Pike, the 
federation's associate director 
for space policy who prepared 
the report Tin disturbed by the 
priorities it shows.* 


IT IS KNOWN as la cargada de 
Ios bufalos, "the charge of the 
buffaloes,” a stampede of place- 
men and women to be among 
the first to congratulate whoev- 
er is ’unveiled" by an incumbent 
Mexican president as his suc- 
cessor. 

The 'unveiling,” or destape, is 
the most important rite in Mexi- 
can public life and the stam- 
pede is such an integral part of 
it that it is nerve-wracUngly un- 
clear whether it starts before or 
after the President reveals his 
choice, as Sunday’s confused 
events showed. 

Though amusing to students 
of political folklore, la eargada 
is deadly serious to its partici- 
pants, for whom jobs in the next 
six-year long administration are 
at stake. 

On Sunday, when Mr Carlos 
Salinas de Gortari, the then 
Planning Minister, was chosen 
by President Miguel de la Mad- 
rid as the standard-bearer of 
the Institutional Revolutionary 
Party (PRD, it was physically 
dangerous to be in its path. 

Not a dignified affair, it has 
its origins in the system of pa- 


tronage which riddles all of Early on Sunday, the packed 
Mexican public life except the thoroughfare to the PRI was 
two entities with a civil service lined with banners such as 
tradition, the Bank of Mexico "Puebla backs-* (space left 


and the Foreign Ministry. 

At its inner core are the com- 
pact, pyramid-structured fac- 
tious in which the leader, in re- 
turn for often abject loyalty, 
guarantees employment and 
promises preferment 

La Cargada has two interlock- 
ing functions within this system. 
First, it furnishes an opportuni- 
ty for the losing or uncommitted 
factions to repair their error. (A 
famous PRI q uasi-biblical re- 
frain gives a jocular definition 
of mistakenness: "to live cut off 
from the budget is to live in er- 
ror.*) Second, it fosters the im- 
age of disciplined and mono- 
lithic unity which the PRI holds 
as its main operative virtue. 

The presidents decision was 
to have been delivered on Sun- 
day morning through the lead- 
ers of the three sectors’ (trade 
unions, peasantry, and the 
so-called "popular* sector which 
press-gangs anyone in any sense 
beholden to the state, from bu- 
reaucrats to beach vendors). 


blank), and, more cannily, "Mi- 


Mr de) Mazo himself, fiercely 
ambitious, has a well-deserved 
reputation for being impetuous. 
Never did he go more compre- 
hensively over the top than ear- 


David Gardner in Mexico City describes the 



choacan hails the candidate of 
the Revolution.* 

The latter was visible at 
9.30am. By 1030am the Michoa- 
can delegation had deftly un- 
veiled a huge banner with Mr 
Salinas' name painted on. Back 
home in Michoacan, however, 
according to the correspondent 
of the centre-left daily La Jor- 
nada, the leadership had not 
been so prudent, and rapidly 
had to draw a substantial veil 
over a 12-metre high banner it 
had ordered, acclaiming Mr Al- 
fredo del Mazo, the Energy Min- 
ister, the 39-year old Planning 
Minister’s main rivaL 


ly on Sunday morning, when, 
many analysts here believe, he 
was the protagonist of another 
great set piece from Mexican 
political tradition, the madn*- 

guete, the substantive of the 
verb meaning to get up early. 

About 830am he came on a 
popular radio programme to 
congratulate Mr Sergio Garcia 
Ramirez, the Attorney-General, 
on having won, leading listen- 
era to believe that Mr de la Mad- 
rid had indeed chosen thin dis- 
tinguished jurist, whose 
revolutionary merits were trum- 
peted over the airwaves for two 
hours. 


To upbeat background music, 
the correspondents and pundits 
of Radio Mil, the offending sta- 
tion, busily explained to a per- 
plexed public why it was per- 
fectly obvious that the 
Attorney-General was the only 
possible choice, as the new jefe 
nato (born leaden of the 70- 
year-old Revolution. 

The cargada swirled and 
charged off to Mr Garcia Rami- 
rez's house, followed by a se- 
nior PRI delegation, a crew 
from the state-owned Channel 
11 television and the Secretary 
of State for Fisheries, Mr Pedro 
Ojeda Paullada. 

The Attorney-General clearly 
knew better and with great dig- 
nity kept silent until Mr Salinas 
was properly unveiled at 
ia04am. Mr Garcia Ramirez 
had in fact been mooted as a 
compromise candidate in the 
event that the trade union bu- 
reaucracy, whose octogenarian 
overlord, "Don Fidel’ Velas- 
quez, backed Mr del Mazo, 
could not be persuaded to ac- 
cept Mr Salinas. 

One of Mr del Mazo's senior 
aides insists that his boss bad 


merely misinterpreted "the r;l«- 
al signs' and been misinformed 
by ’reliable sources' Though 
the Energy Minister joined the 
queue to embrace Mr Satinas 
sometime afier mid-day on Sun- 
day he has not dispelled the im- 
pression that his action was a 
petulant response to losing. 
Most analysts are consigning, 
him to political oblivion, divid- 
ed oniv on whether error or 
pre- meditation is the greater 
crime. 

The second lingering impres- 
sion is that Don Fidel, who tried 
to pull a mednujue tf in the gov- 
ernorship race in neighbouring 
Morelos earlier this year, con- 
nived in the manouerre. Tradi- 
tionally the regime’s second- 
most powerful figure and part 
of the explanation for its stay- 
ing power, be left Sunday's dc=- 
tape rally when Mr Salisas 
started to speak. 

The theme of the young Plan- 
ning Minister s speech was that 
he was leading a new genera- 
tion to power, an assertion 
which remains to be fleshed out 
but which was undoubtedly dra- 
matised by Don Fidel's exit. 


More realistic car prices likely in Brazil 


by Ann Charters hi Soo Paulo 

AUTOLATINA, the holding 
company for Ford and Volkswa- 
gen in Brazil, resumed domestic 
car sales before meeting Presi- 
dent Jose Sarney and Mr Luiz 
Carlos Bresser Pereira, the Fi- 
nance Minister, on government 
price control of the industry 
which the company says is de- 
capitalising the sector. 

The company suspended car 
deliveries to its dealers last 
week in a dramatic move to pro- 
test against a less than satisfac- 
tory price increase of 10.84 per 
cent from the Government when 
car makers had presented cost 


analyses that they said required 
a 30 per cent increase. 

Although there were no im- 
mediate changes in government 
policy following the meeting 
with the Mr Wolfgang Sauer, 
president of Antolatina, Fi- 
nance Minister Bresser Pereira 
agreed that there was a lag in 
price adjustment to rising costs 
and that the difference should 
be recuperated gradually. 

Industry analysts expect the 
Government to consider reduc- 
ing value added taxes on cars, 
now about 50 per cent of the re- 
tail price, to 28 per cent, to 


make more realistic price ad- 
justments and to eliminate dif- 
ficulties with imports linked to 
car production. 

In return a protocol signed 
between car manufacturers and 
the previous Finance Minister, 
Mr Dilson Fonaro, and to date 
not recognised by Mr Bresser 
Pereira, could continue to be 
honoured by manufacturers. 

In the protocol car manufac- 
turers agreed to export $73bn, 
resulting in a commercial sur- 
plus of $4.5bn for the industry 
after Imports, and to Invest glbn 
before the end of 1988. 

With a reduction in govern- 


ment taxes and increased 
prices for manufacturers, vehi- 
cle retail prices could remain 
relatively unaltered, thereby 
not farther depressing domestic 
sales. Vehicle sales for the first 
nine mnnthw of the year were 
414347 units, down 39 per cent 
compared to the same period 
last year and the worst domestic 
sales performance since 1972. 

Exports are ahead 88 per cent 
in volume at 264,762 vehicles to 
September and up 60 per cent 
in value at US$L98bn, despite 
industry complaints that the 
cruzado-dollar exchange rate is 
overvalued. 


Where only big quakes cause a shudder 


BY LOUISE KEHOE IN PASADENA 


A PICTURE on the wall sways 
gently as Steve Bryant, a seis- 
mic analyst at CalTech in Pasa- 
dena, California, describes how 
scientists measured the earth- 
quakes that have rocked Los 
Angeles over the past few days. 

Nobody takes any notice of 
the swaying picture, or the 
slight motion underfoot After- 
shocks of last week's 6.1 quake 
have become a way of life, it 
seems, in west Los Angeles. On- 
ly the big tremors, measuring 
three or more on the Richter 
scale, gain much attention. 

_ Bat evidence of the destruc- 
tion wrought by last week’s 
quake, and the &S aftershock 


that hit in the early hours of 
Sunday morning, lies right out- 
side the doors of the CalTech 
seismology lab. Two handsome 
clapboard homes across the 
street have lost their brick 
chimneys. One is a pile of rub- 
ble on the pavement 
Throughout the region, 
cracked chimneys and boarded 
up windows provide more re-, 
minders of the quake. What is 
even more striking, however, is 
the uneasy calm as residents 
begin the clean-up process. The 
question on everybody’s lips is. 
Is it over?’ Could there be more 
damaging tremors in store for 
Los Angeles? The answer is 


probably ’Yes” according to the 
CalTech seiemologists. There 
Is a fairly good chance of a point 
four or greater shock in the next 
few days or weeks,’ says Mr 
Bryant Or we could have a cou- 
ple of threes, he predicts. 

Such tremors would not nor- 
mally cause major damage, but 
to the already weakened build- 
ings around the epicentre of 
last week’s quake, they could be 
the final blow. 

For hundreds of people who 
have left their homes to sleep in 
Red Cross emergency centres 
and thousands more who camp . 
out in parks and open spaces, 
strong aftershocks would also 


be devastating. 

At the CalTech seismology 
lab, however, which has been 
the nerve centre of earthquake 
information over the part few 
days, nobody has had Htw to be 
afraid. 

While others view the quakes' 
as a major disruption, the scien- 
tists are excited by an unprec- 
edented opportunity to gather 
huge quantities of quake data. 
Ultimately, their goal Is to de- 
velop earthquake prediction 
methods that might help Los 
Angeles avoid the destruction 
of a massive quake on the infa- 
mous San Andreas Fault, which 
they feel is almost sure 


Ortega welcomes 
foreign investment 


NICARAGUA’S President Dan- 
iel Ortega said yesterday more 
than GO per cent of his country’s 
economy was in the private sec- 
tor and he welcomed foreign in- 
vestment, reports Reuter in New 
York. 

Mr Ortega, in New York to ad- 
dress the UN General Assembly 
today, told business leaders 
that 53 multinational compa- 
nies • including 40 from the US • 
were doing business in Nicara- 
gua. 

He called on businesses to 
help Nicaragua meet economic 
challenges posed by six years of 
civil war and the Reagan Ad- 
ministration’s opposition to the 
leftist Sandinista government in 
Managua. 

’Nicaragua never has and nev- 
er will pose a threat to the secu- 
rity of the United States,' Mr Or- 
tega said. 

'However, the current US Ad- 
ministration has threatened the 
security that our people are en- 
titled to. The development mod- 
el that Nicaragua peacefully 
proposes will also not threaten 
the national interests of the 
United States,’ he said. 

Mr Ortega told the business 
group he was sponsoring a bill 
in the Nicaraguan National As- 
sembly to regulate foreign in- 
vestment. 

'Nicaragua needs foreign in- 
vestment because that brings 
technological and financial 
know-how to the country/ he 


said. 

Nicaragua's development 
model, Mr Ortega said, included 
nationalisation of main export 
industries and strategic im- 
ports, and changes in landhold- 
ing practices, with overall stale 
guidance 

It is necessary to recognise 
that the market forces alone 
cannot resolve the situation, 
given the number of flaws that 
our economies have inherited 
from underdevelopment.’ he 
said. Lack of understanding of 
Central American economies 
had caused the failure of many 
Reagan Administration foreign 
aid programmes, he added. 

There have been attempts to 
make aid contingent upon main- 
taining structures that are al- 
ready obsolete What is really 
needed is a more creative ana- 
lytical approach baaed on re- 
spect,’ he said. 

Because of US financial and 
trade embargoes, Mr Ortega 
said. Nicaragua had had to 
learn to diversify its foreign 
trade. 

At the end of 1986, 63 per cent 
of its International trade was 
with Western Europe. Japan 
and Latin America, he said. 

The remaining 37 per cent 
was with countries in the social- 
ist community who have facili- 
tated credit to enable us to ac- 
quire energy products, 
industrial outputs and equip- 
ment.’ Mr Ortega said. 


* 


V: 


WORLD TRADE NEWS 


Siemens in Argentine telecom row 


BY TIM COONEM BUENOS ARES 


A ROW is brewing in Argentina 
over a 5160m contract about to 
be signed with Alcatel-CIT, the 
French telecommunications 
company, to instai 22 digital 
telephone exchanges in Buenos 
Aires. 

The contract is to be 55 per 
cent financed by the French 
government, the remainder be- 
ing supported by a group of 
French and US banks utilising 
the proposed debt capitalisa- 
tion scheme-This is a counter- 
trade agreement organised 
through the Bank of America, 
and part of the on-lending 
tranche which remains from a 
previous debt renegotiation 
package. 

The French government loan 
will be repaid over 13 years 
with a four-year grace period, 
and carry an annual interest 
rate of 8 per cent 


Opposition to the project is 
being voiced by Siemens of 
West Germany, which com- 
plains that the contract has 
been not pnt out to internation- 
al tender, which it believes it 
could win, and that the Argen- 
tine telecommunications mar- 
ket is not big enough to support 
another competitor. 

Siemens and NEC of Japan, in 
partnership with local compa- 
nies, share the market, which is 
expanding at 200,000 lines per 
year. There are approximately 
2.6m telephone lines in Argen- 
tina. 90 per cent of them operat- 
ing through old electro-mechan- 
ical exchanges, and many of 
these using obsolete technolo- 
gy. Siemens occupies 50 per 
cent of the local digital commu- 
nications market manufactur- 
ing its EWSD switchboard 
systems through its local com- 


pany EquiteL 

Mr Michael Ritter, a spokes- 
man for Siemens said that 60 
per cent of its turnover in Ar- 
gentina came from the manufac- 
ture of telecommunications 
equipment and that the intro- 
duction of a third company, 
with different technology, 
would create overcapacity and 
overstretch the ability of the 
state telephone company EN- 
TEL to deal with the demands 
placed upon it 

Such arguments however are 
dismissed by Mr Jozge Garfan- 
kei, the vice-president of LATA, 
tiie local partner of Alcatel, 
which will manufacture the new 
exchanges if the project is final- 
ly approved. He said: *We have 
only a third to a quarter of the 
number of telephones per capi- 
ta as there are in Spain or 
France There is a great poten- 


tial for growth and space for 
competition. Our exchanges 
will be 25 per cent cheaper than 
those offered by Siemens.” 

He added: "The contract was 
offered on the basis of five con- 
ditions, that there will be no tax 
or fiscal incentives, that it will 
provide the same degree of lo- 
cal integration as existing com- 
panies, that it will be a closed 
project for this one contract on- 
ly, that it will be cheaper than 
the equipment offered by other 
companies and that it will have 
to be financed by the contracted 
party." 

Under Argentine law, such 
contracts do not automatically 
have to be put to international 
tender, and indeed many public 
sector projects are linked di- 
rectly to the source of financing 
available. 


Tim Dickson in Brussels on the EC Commissioners’ new policy 

Farm cuts ’will restore markets’ 


THE EUROPEAN Commission 
yesterday claimed that its new 
■ proposal for a "two step" reduc- 
tion in global farm supports 
would help restore the long 
term balance of agricultural 
markets. 

But whilst Mr Frans Andries- 
sen and Mr Willy de Clercq, re- 
spectively the EC Agriculture 
and External Relations Com- 
missioners, both called for 'an 
end to the subsidies race’ they 

would not be drawn on the 
question of how quickly or how 

extensively the plan should be 
carried out 

The two commissioners, who 
were outlining the Community’s 
proposed negotiating position 
for the forthcoming Uruguay 
round of the General Agree- 
ment on Tariffs and Trade, nev- 
ertheless specifically rejected 
President Reagan's plea for a 
phasing out of all agricultural 
subsidies by the end of the cen- 
tury- 

The Americans will hardly be 
surprised at that but they are 
bound to express considerable 
concern at the commission’s in- 
tention - confirmed yesterday 
by Mr Andriessen - to impose 
new limits on EC imports of ce- 
reals substitutes through a rein- 
forcement or the Community’s 
external protection regime 
(widely assumed to mean higher 
tariffs). 

This point is also bound to 
create friction at the meeting in 
Luxembourg in 10 days time Of 


EC Foreign Ministers, who will 
be asked to endorse the man- 
date in preparation for the first 
meeting of the Gatt agriculture 
working group at the end of the 
month. In a clear effort to pnt 
pressure on the member states 
Mr Andriessen said yesterday 
that any delay could pot the EC 
at a disadvantage in the talks. 

The momentum for an inter- 
national push to reduce global 
agricultural support started 
with the statement of Intent at 
Punta del Este last September 
(the formal launch of the Uru- 
gnary round) and has acceler- 
ated this year with ringing dec- 
larations of intent at the Venice 
Summit and in the context of 
the OECD. 

The US, meanwhile, raised 
the temperature in July with its 
call for a phased abandonment 
of agricultural subsidies, a dis- 
mantlement of import barriers 
and the harmonisation of health 
and safety requirements which 
meant that all eyes have been 
on Brussels watching for the 
Commission's response. 

The policy stance is divided 
into two steps - one "short term", 
the other "long term". The thrust 
of the short term phase would 
be urgent international co-oper- 
ation to restore balance in the 
sectors suffering from the worst 
surpluses, notably milk, sugar, 
and cereals. The commission 
yesterday indicated that this 
might include price discipline 
in the cereals sector 'and corre* 



Frans Andriessen: heading for 
friction 

sponding arrangements for ce- 
reals substitutes', in addition, 
there would be disciplines for 
reducing the amounts of sugar 
on the world market and at least 
maintaining access to tradition- 
al import markets and the re- 
specting by non-members who 
are large producers and export- 
ers of the rules of the Interna- 
tional Dairy Arrangement 
This first phase would also in- 
clude ’other measures designed 
to promote in a concerted way a 
better balance between supply 
and demand”, including reduc- 
tions in support The commis- 


sion made dear yesterday that 
while it accepted in principle 
the relative measures of farm 
support in producing countries 
refined by the OECD which 
might be used in this exercise, 
it had reservations about the 
detail. With this in mind it also 
emphasised that global reforms 
since 1984-85 - conveniently the 
year when the first significant 
changes to tbe Common Agri- 
cultural Policy were introduced 
- should be taken into account 
In the calculations. 

Mr Andriesen admitted that 
qualitative restrictions on the 
level of cereal substitutes 
would form part of the first 
phase • a demand bidden in the 
somewhat ambiguous commit- 
ment to "a rebalancing of exter- 
nal protection In agricultural 
sectors characterised by struc- 
tural surpluses." Officials say 
that this could mean tariffs for 
corn gluten feed and other cere- 
als substitutes which currently 
enjoy free entry into the Com- 
munity. 

The "second stage" in the pro- 
posed process would involve a 
"progressive reduction" In sup- 
port, in conjunction with this 
"rebalancing” of the external 
barriers. This double action, 
the commission claims, would 
permit a rebalancing of inter- 
nal production for Uie partici- 
pating countries and would 
"substantially” reduce the in- 
centives for non-market orien- 
tated production. 


Clark visit 
boosts UK 


Soviet deal 

By P ater B c nte gnoo, World 
IMaEdtor 

jUK officials are hoping for 

[progress on a £25tm contract 

|to provide the Soviet Union 

[with a factory automation 

k«p ipment plant when Mr 
[Alan Clark, Trade Minister, 

malts Moscow next week far a 

[regular meeting of the UK-So- 

vlet joint economic comrais- 
Ision. 

A letter of intent to build tbe 

logic controller 

at Yerevan in Armenia 

was signed by a consortium in- 

volving Simon Carves and GEC 
Iwhen Mrs Thatcher visited the 

Union in the spring, but 

I the order has net yet been 

■P- 

Mr Clark la e x pecte d to ar- 
gue in Moscow that finalisa- 
tion of tbe order would serve as 
'a signal of concrete Intention 
by the Soviet Union to boert its 
trade with Britain. 

The Soviet Union, which 
signed a major financing pro- 
tocol with tbe Export Credits 
Guarantee Dep artm ent earlier 
this year, has long been seek- 
ing a significant increase in 
its two-way trade with Britain. 
UK exports have, however, 
been flagging this year and 
[British companies have been 
slew to take ap fresh joint ven- 
ture opportunities there. 

During the first eight 
months UK experts to Soviet 
Union fell 10 per cent to 
£346m, although imports rose 
26 per coat to £S2Sm, largely 
' se to the higher oil price. 

The euphoria which fol- 
lowed the ECGD credit and 
Mrs Thatcher** visit has began 
to subside, especially since the 
when Davy McKee 
and West Germany’s Wide lost 
a 56 00 m polyester plant con- 
tract to the Japanese. 

A major order at this stage 
could revive UK exporters in- 
terest, officials believe, al- 
though confusion remains 
about the extent and duration 
of Soviet economic reforms - 
New hopes are also being 
pinned on some non-tradition- 
al areas like financial services. 
The Invisible Exports Council 
is to send its first ever miss ton 
to Moscow in December. 

UK figures show fart cereals 
and cereal preparations re- 
main Britain's largest expert 
to the Soviet Union, account- 
ing for between one third and 
half the total. 


Gatt to set up dispute 
panel over US fibre ban 


BY WILLIAM DULLFORCE M GENEVA 


THE GATT Council yesterday 
agreed to set up a disputes panel to 
hear a complaint by the European 
Community a gains t a US ban on 
imports of aramid fibres produced 
by Akzo, the Dutch synthetic fibre 
producer. 

At the same time, the EC tempor- 
arily warded off a US request for a 
panel to wamwiw a Co mmuni ty di- 
rective setting standards for meat 
imports. 

The fibre case centres on a battle 
over patents between Akzo and Du 
Pont, the US chemicals group, 
which has been going on for more 
than 10 years. 


Du Rmt claims that Twaron, an 
aramid fibre made by Akzo, in- 
fringes its patent rights on its own 
Kevlar fibre. Aramid fibres, which 
are lightweight, heat-resistant and 
stronger than steel, are widely used 
in armaments and telecommunica- 
tions. The world market is estimat- 
ed to be worth some Slbn a year. 

Tbe EC is not concerned with the 
patents dispute but is challenging 
the US right to ban imports from 
Akzo under Section 337 of the 1930 
Tariff Act This allows the US au- 
thorities to ban products deemed to 
"destroy, . substantially injure or 


prevent the establishment of do- 
mestic industries." 

In the EC view, use of this law to 
ban imports contravenes Gatfs Ar- 
ticle III, which stipulates that na- 
tional regulations should not be ap- 
plied to protect domestic producers. 

With a plea that there had not 
been enough time for bilateral con- 
sultations, the EC succeeded in 
persuading the council to postpone 
until its next meeting a US request 
for a disputes panel on a EC Com- 
mission directive laying down 
slaughterhouse standards for im- 
ported meat. The directive comes 
into force on January 1. 


Airbus Industrie secures 
$lbn of aircraft orders 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


AIRBUS Industrie, the Europe- 
an aircraft consortium, an- 
nounced yesterday that it had 
won orders worth nearly $Zbn. 

North Wert, the big US inter- 
national airline, revealed that 
it had converted into a firm de- 
livery deal an order for another 
15 Airbus A-320 150- sea ter air- 
liners, worth an estimated 
9500m, bringing Its total 
planned deliveries fay the early 
1990s to 25 aircraft. 

Some time ago. North West 
signed an agreement to boy np 
to 100 A-320S, to be delivered in 
batches, with an initial 10 for 
delivery by 1990. These will now 
be delivered in 1989. 

Nine of the additional air- 
craft now being allocated to 


forth West are A-320s original- 
ly destined for Australian Air- 
lines. This purchase has been 
deferred because of big 
changes in Australian domestic 
aviation, and pressures on the 
airline’s costs. 

A Brussels news agency yes- 
terday claimed that Sabena, the 
Belgian airline, was baying five 
of the new long-range four -en- 
gined A 340-3GQ airliners, for- 
mally launched earlier this 
year, worth an estimated $350m. 
Delivery is set for 1993-94. 

Airbus confirmed that Korean 
Air Lines was buying two Air- 
bus A-300-600R twin-engined 
shortrto-medium range airlin- 
ers, worth an estimated SGOm, 
for delivery at end- 198a 


Greece in deal 
to buy Soviet 
natural gas 

, By Andrians ferodlaeonou 

GREECE yesterday signed an 
( agreement to buy Soviet natural 
Saa to be piped via Romania 
and Bulgaria. 

The cost of the project, m- 
jCludmg construction of the 
ipipeline and a natural gas dis- 
-tnbution network within 
■Greece, is estimated at Slbn. 
Gas supplies are due to start in 
1992. 

TaUcs will now be held on the 
details of the project, including 
the price. 

According to the ministry’s 
plans the Soviet pipeline proj- 
ect together with a contract for 
gas from Algeria will provide 
Greece with 12bn cubic metres 
Of gas ftielin 1992 


Foreign investment floods into S Korea 


FOREIGN investment in South 
Kore a has more than doubled to 
$772m In the first nine months 
of this year compared with the 
whole of 1986, according to the 
Ministry or Finance, writes Mag- 
gie Fard in SeouL 

Japan accounted for the lar- 
gest share, Investing $309m in 
lffi projects, with the US sec- 
ond. American companies in- 
vested $2l9m in 67 projects, 
compared with $125m last year. 

European interest in South 
Korea has widened with inves- 
tors increasing their stake from 


$63m in 1986 to $153tn in the 
first nine months of this year to 
reach almost 20 per cent of total 
foreign investment 
The electronic sector attract- 
ed the biggest share of invest- 
ment. at $178m. It was followed 
by refining and petrochemicals, 
tourist hotels and machinery. 

The figures reflect Seoul’s ef- 
forts to diversify its trade rela- 
tionship away from export de- 
pendence on the US and import 
dependence on Japan. 

Investment abroad by South 
Korean companies has also in- 


creased this year following the 
relaxation of investment rules. 
Most companies have tried ei- 
ther to localise production in 
existing markets to escape pro- 
tectionism or to develop mar- 
kets in areas such as south-east 
Asia. 

Investment in natural re- 
source projects has also been 
the Government. 
Utitwfrd investment reached 
W79m in the first six months of 
this year, up 56 per cent over 
the same period last year- 


* 


$ 


\\ 


L-- 




5 


Financial Times' Thursday October- 8 1987 







































6 


UK NEWS 


Financial Times Thursday October 8 WS7 



Rothschild’s International 
Money Funds 


The efficient alternative to a deposit 
account in any major currency. 


For further information and the current prospectuses. 


N.M. Rothschild Asset Management (C,I.) Limited, 



Hurd announces crackdown on sale of offensive weapons 


IN BRIEF 


Watchdog for TV, radio violence 


BY PETER MODEL*. AND RAYMOND SNODDY 

A BROADCASTING standards bate. likely to be Govenuneht-fimd- 

council is to be set to handle This was regarded as a victory ed, will initiate studies and re- 

complaints about violence and fay many supporters of capital search on programme standards 
sex on television and radio. It punishment, althoug h the and their effect on society, 
will be separate from pro- amendment was arranged with 


gramme masers and will also the connivance of Home Office 
keep an eye on developments in ministers in the knowledge that 
video, on cable and in satellite such a proposal is almost cer- 


broadcasting. 


Details of the council's terms MPs. 


tain to be defeated again by 


of reference were given by Mr The Broadcasting Standards 


Hr Hurd stressed ’ that the 
constitutional and editorial in- 

authorities would not be'affect^ 
ed. The council would not take 
over the authorities’ existing re- 
sponsibilities for. enforcing 


Douglas Hard, the Home Secre- Council, fbrshadowed by Mr broadcasting standards. 


tary, at the Conservative Party Hurd last month, will have a Mr Hurd said the council 


conference at Blackpool yester- wide remit but limited statutory would be created as a statutory 


day. 

He was speaking during a law 


powers. 


body as soon as parliamentary 



wm- 


mi ■'! 





and order debate in which he plaints about taste, decency and 
also announced new measures violence on all forms of televi- 


It will be able to receive com- time could be found. He wanted 
laints about taste, decency and it up and running with the least 


to restrict the carrying and sale ston, radio, cable and satellite " The <wrfa H f ig Broadcasting 
of knives and other offensive broadcasts' receivable in the Complaints Commission will 


possible delay. 
The existing 


weapons and to give the appeal UK* It will also be able to ex- 
court the power to increase press general views about vf- 


criminal sentences referred to deos without duplicating foe 


continue to deal with com- 
plaints about unjust treatment 
and foe invasion of privacy. 


it by the Attorney General for work of the British Board of though the relationship be- 

r;i« m -Z. u — j ■* ■ 


being unduly lenient 


ClassiGcation.The 


|_ROTOSCFJII^ASSETMANAGEMENT_j 


During foe debate there were statutory power the Council is 
several loudly applauded calls likely to have is the right to re- 


fer the restoration < 
punishment which : 
countered by acoe; 


amendment urging that the is- " Apart from taking up general' 
sne should be considered again and specific points with broad- 


of capital quire broadcasters to publicise 
Mr Hurd its findi^gy on individual pro- 
mpting an grammes. 

hat foe is- Apart from taking up general 


Have you got a few 

words to say 

to your Bank Manager? 


RATHER SURPRISINGLY QUITE A FEW BANK MANAGERS 
HAVE MORE THAN A FEW WORDS TO SAY TO THEIR BANK 
MANAGERS ALSO! 


In banking Jargon K Is called CORRESPONDENT BANKING and the 
people who sell It are politely cal led " Bank Calling Officers." Nev e rtheless 
they are salesmen and their Job Is to sdl the services and facilities of their 
own bank to other banks 


As with any consumer. Industrial or commercial product; awareness of the 
corporation behind the product, and its management, Is an essentia 
Ingredient In selling. Contacts and loyalties built up over many years can 
dissolve rapidly which is why advertising In THE BANKER regularly 
infoms and Influences the International balking community tar beyond the 
capacity of your personal calling programme. 

Over 70,000 readers in 130 countries read THE BANKER each month. 

Say a few words to them regularly through the pages of the Journal they 
read, respect and rely upon for essential management information 


tween it and the new council is 
muipy consideration win be 
determined within legislation 
at a later date. 

In his speech, Mr Hurd did 
not refer to the possible remov- 
al of the right of silence from 
defendants. A final decision has 


in an early parliamentary de- casters, the council, which is yet to be taken oa this. But he 


did' co nfirm tile in ten ti on to 
.give the appeal court power to 
increase sentences with a time, 
limit of 28 days after the origi- 
nal tenteuce had been passed 
to make such an application for 
. referral, - 

The tough new measures on 
offensive weapons will make ft 
an.offence for a person to have' 
to a public piaee a bladed or 
sharply pointed ' instrument 
without good reason, though 
. people who carry ordinary 
penknives will not be commit- 
ting an offence. 

Mr Hurd also said he would 
be seeking to take powers to the 
Criminal' Justice' Bill cu rr e ntly 
going through -parliament to 
..make it an offence to manufac- 
ture, -sell. laid, give or import 
weapons such as knuckledus- 
ters, belts, buckles, knives and 
some maxtialarts weapons. 

The Law and Order debate 
threatened to be the most heat- 
ed of the conference though by 
comparison with similar de- 
bates in previous years, foe 
temperature was lowered as a 
result of a careful selection of 
speakers by the platform 


Profit fink 
plans get 
cool reaction 


GOVERNMENT P 
I profit-related pay 


is for 
es are 


I profit-related pay schemes are 
likely to be taken up by only one 
;in four companies, according to 


iin four companies, according to 
a survey fay the Industrial Par- 
ticipation Association, writes 
our Labour Editor. 

The survey findings are likely 
to prove disappointing to gov- 
ernment minis ters because the 
companies surveyed are likely 
to fevour some form of employ- 
ee fin an ci al participation. 

When asked whether' they 
would modify an 
scheme, or introduce a new one 
in line with the plan for PRP 
schemes under which a particu- 
lar proportion of pay Is linked 


to profits in return for employ- 
ee tax incentives - only 26 per 
cent said that they would dosa 


Tourism rises 


Competition pledge over electricity sell-off 


A RECORD L93m tourists vis- 
ited Britain in July, up 15 per 
cent over the same period last 
year. North American tourists 
were 44 per cent up on their Ju- 
ly 1986 numbers - depleted then 
because of terrorism fears. 


BY OUR POUnCAL EDITOR 


THE UK EJJEClItlCTY into*- 
fry will not be privatised as 
’owe vast monolnUe corpora- 
tion’ and ca mp e titi e n will he 
introduced into the power gen- 
eration side o t the taurines*, 
Mr Cedi Parkinson, Energy 
Secretary, said yesterday at the 


at the tarn sf the year. J 
tian wm fellow in foe 


Mr FarUnsen said he was de- 
termined to lntrod ace 'as 
mack cfjkha as ;nW 
for the industry. He fistin- 
grished foe different aspects 
of sandy, generation and 



ti«m and easterner yntectw 
were the most explicit n far 
given about the fo l at e of foe 
todnstry. After talks last 
area fay a group af scalar 
ministers, three options aw 
now being c onsi dered in detail 
Ear sahnuraten to the Cabinet 


Acknowledging that e&ec- 
tricty sandy would remain a 
natural msnopefar he said he 
was at m < mat mrwlatog'iai 
fed new ideas for gaarantee- 
ing h a tte r standards af ser- 
vice.' These included 
proposals Ear rebates and 


received secvfee that fell short 
of agreed standards Be later 
g ave foe e xai aplr . ef providin g 

repair or maintenance service 
was a day or two fete. 

He noted font the cost ef 
dechrfcty tush was sth 2t 
pereent^ffoecastnaenrHIl 
with the reamlning 88 per cent 


.Hum warne d foe National 
Paten ef Min e w riters against 
taking on the Government over 


'the coal indastre-dbcJpUnaiy 
cede. He sate: 7eaddn T t win 
last tine and yen went win 


• flat toe rest ef Apart fr oa t Mr FasUnsns 
supp ly was «nfr 2 * wh?Si raaktog hfefbrteS 
f toe easterners’ HU hmmta, addm* for tear 


Chinese hear BBC 

BBC . broadcasts are being 
heard clearly for the first time 
in north and central China. Un- 
til* foe .two new Hong Kong- 
based 250 kw transmitters began 
beaming programmes to Chi- 
nese, English and Japanese- last 
week, BBC listeners to Peking 
and Shanghai ' found pro- 
grammes from London were be- 
ing drowned out by Radio 
Moscow and Voice of America. 


safer four years, 
reception sf toe 


that there is m natural 
pety in generation and to 


day was ghm to Mr K enn eth 
Baker, the Edncatien Seere- 


tie practices ia 
Inter In his 


tary, for his speech oatlinlag 
his plans for reorganisteg the 
i d wo to system. 


Mr Par- 


r ep orts . Page 12 


Look to the New Horizons in Payment Systems 


PS1 (Payment Systems Inc.) and KPMG (lQynveld Part Marwick GoenMer) Invite You to Join With Other Key Figures In 
the International Financial Services Arena at Their 12th Annual International Symposium?)*! the Future of Payment 
Systems and Technology 


Murdoch staff 
seek union 
recognition 


Hopes rise in fire dispute 


Cruise paint protest 

ANTI-NUCLEAR demonstra- 
tors employed a new .weapon to 
try to stop a cruise missile con- 
voy at Greenham Common, 
Berkshire. Protestors, using 
paint-filled fire extinguishers, 
sprayed several vehicles and 
guards before they were hus- 
tled away. 


BY CHARLES LEADBEAIER, LABOUR STAFF 


By Our Laksar Stiff 


Horizoi 


The Future of / . / vzS/ \ ^ 

Payment Systems and Technology 


Throughout the three days of both general and concurrent 
sessions, cur speakers will share their varied experiences as 
well as address the potential of foe latest in new products and 
technologies. 


October 27-30. 1887 Hotel Ritz Usboa. Lisboa Portugal 


Today more than ever, technology is driving changes in the 
global marketplace that will continue to transform the 
structure and economics of your organisation. With the year 
2000 as the horizon, this year's Symposium will help you to 
explore thB alternatives and focus on the decisions that will be 
critical to your organisation's success next year - and in the 
decade ahead. 


The 1987 Symposium also features a large exhibition of . 
products and services supporting electronic transaction* 
communications, data processing, and general bank systems. 
And. we expect a record participant atten da nce with a truly 
international blend of bankers, corpo r a te officers, 
manufacturers and government r e p re sen tatives. Discussion 
and networking opportunities wfll include afternoon break-out 
sessions, receptions, and a gala Rxtuguese evening of dinner 
and en te r ta inment A special programme for Accompanying 
Guests of participants will include tours of historic landmarks 
in Lisbon and surrounding coastal areas. 


All general sessions and some break-out sessions wiH be conducted in English. French. Germa n and Spanish. 


TRADES UNION CONGRESS 
leaden will this week meet em- 
ployees at Mr Rupert Murdoch’s 
News International plant at 
Wapping, east London to dis- 
miss a onion structure. 

Leaders of five print onions 
yesterday agreed on the move 
after a ballot of Wapping staff 
showed a majority to feyonr of 
being represen ted by a onion- 
other than the EETPU electri- 
cians, which helped to recruit 
the plant's wo rkfo rce. 

After the vote, the plant’s sal- 
aried' stafik* council asked the 
TUC formally for assistance on 
unionisation. 

The TUCs talks with the Wap- 
ping employees are being semi 
as exploratory, partly because 
few union leaders have a clear 


HOPES OF a settlement to the 
Sopfo Wales Fixe Service dis- 
pute rose last night after the 
Fire Brigade Union and West 
.Glamorgan County Council held 
jlengthy talks with Acas, the con- 
ciliation service. 

The two sides jointly met 
Acas officials to the afternoon 
•after separate exploratory die- 
j missions in the mnrning Offi- 
cials said enough progress had 
been made to persaarte both 


sides that an agreement was 
possible. 

The dispute, which came to a 


TUC head for Moscow 

TUC Gene ral Secretary Mr Nor- 
man Willis arrives to Moscow 
today to join other internation- 
al trade onion representatives 
for a meeting with Soviet leader 
Mr Mikhail Gorbachev. 


head on Monday, has brought. 
IB-year-old army fire <w«giw» 
iwtn action for foe flat time 
since the national fire strike of 
1977. 

It is thotight that a settlement 
to the dispute, over plans to 
reorganise foe service, could 
hinge on foe Home Office's as- 
'sessmentof the proposals. ' 


iNo slow starter 

, BRITISH businessmen are 
jruahing to fill a large shortage 

jin the French food industry 

| snails. They plan to open a mmil 

neat processing plant and have 
.formed a 90-member Britsnail 
j o rgani s a tion to fill the gap left 
{by the annual: shortage of 
iFrenchsnaSJ*. ' 


EUROMARKET 


idea, given NTs attitude to- 
wards onion recognition, about 
how to take the unionisation is- 
sue forward, and partly because 
the TUC does not want to be 
seen giving too much creedence 
to the staff counciL 
The TUC said after the meet- 
ing yesterday that while this ap- 
proach was being made, foe 
unions involved should not 
make any separate contact with 
the staff council, or the compa- 
ny, on recognition. 


Symposium Registration without Hotel Room: Dfl 2625,* 


Symposium Registration with Single Room: Dll 3175.- 


Symposium Registration with Double Room: Dfl 3250.- 


S pedal Accompanying Guest Programme: Dfl 300.- 


To register by telephone today or to receive more information, 
please call this special Symposium r eg istrati on number and 
refer to the PSI/KPMG Symposium: 

31(20)261372 

Or, you may contact our Symposium Office by telex or telefax: 
Telex: 14527 congrx rri 
Telefax: 31 (20) 25 9574 





At GX we believe that a success- 
ful i nv est m ent strategy can only be 
achieved by looking at the interrelated 
web of world markets from a global 
point of view. 

Even if the inv es t m e n ts are 
confined to just one of those markets. 


Thatb why weVe already established 
investment omcea in London, Hong 
Kong.Tokyo. Sydney and San Francisco. 

And an internationally recognised 
economics department in Hong Kong, 
that provides us with the macro- 
economic forecasts and international 


monetary analyses, so vital to effective 

investment decision making. 

VfeVe been investing money inter- 
nationally for institutions since 1969. 

At 31st March 1987 we had a total of 
£4 bn under management 

In September 1987 we opened an 



office in Germany under the 
management of Hermann Stanch. 

GT Management (Deutschkod) GmbH, 
SendUnger Strafie 64, Munchen 2. 
Telephone; (089) 267906. 


G.T Management PLC 









Its inhabited by industrious creatures from the City 


\ 


































8 


Financial Times Thursday October 8 1987 


Siemens to create 600 



BY TERRY OODSWORTH. INDUSTRIAL EDITOR 


SIEMENS of West Germany, Eu- 
rope's largest electrical and 
electronics group, is step ping 
up its expansion in the UK with 
the creation of 600 jobs ata new 
development centre in Man- 
chester. 

The £15m project follows rap- 
id growth in the group’s activi- 
ties in Britain during the last 
two years. In this period Its 
turnover has risen from £17Qm 
to £230m and employment In- 
creased to 3,000 throughout the 
country. 

Siemens said yesterday that 
the decision to develop the site 

in Manchester was caused by 
the steady increase in manufac- 
turing at the group's Congleton 
plant in Cheshire. 

Until now, the Congleton 

S lant has embraced both p ro- 
ue don and design facilities for 
the company’s energy and auto- 
mation division, which makes 
factory automation and energy 
measurement equipment 


Designers amd software engi- 
neers working on these systems 
will in feture be located at the 

Manchester building, leaving 
Congleton as a pure production 
centre. 

Siemens' decision was wel- 
comed yesterday by Mr Graham 
Stringer, leader of the Labour- 
controlled Manchester council, 
who said that the investment 
would bring "high-quality” jobs 
to the city. 

The council's education offi- 
cer would be working with the 
company to help to create a 

pool of suitably trained engi- 
neers for the jobs that would be 
coming available, he said. 

The Manchester facility will 
comprise offices, laboratories, a 
service centre and a customer 
training school, and will employ 
900 people. Of these, however, 
300 are expected to transfer 
from similar employment at 
Congleton, which currently has 
a workforce of 800. 


Siemens' development of Its 
automation division follows a 
familiar pattern in the group's 
Overseas growth, which usually 
starts with direct sales from 
West Germany, followed by lo- 
cal manufacturing. 

The company already has oth- 
er manufocuring sites in the 
UK, notably its FML energy me- 
ter plant at Oldham in Lanca- 
shire. 

However most of the other 
plants, making items such as 
equipment for sound studios 
and hearing aids, are small es- 
tablishments as yet 

Nevertheles, the group has 
ambitious plans for farther in- 
vestment in the UK, aimed at 
poshing up sales to about £500m 
by 1990. 

To achieve this target, it is at- 
tempting to expand on several 
fronts, including medical elec- 
tronics, electronic components, 
and computers and communica- 
tion equipment 


Labour plans to divide Tories 


BY TOM LYNCH 

LABOUR LEADERS will try to 
drive a wedge between Mrs 
Margaret Thatcher. Prime Min- 
ister, and Mr Kenneth Baker, 
Education Secretary, as part of 
a campaign against the Govern- 
ment's proposals to allow 
schools to opt out of local-au- 
thority controL 

At the eud of a two-day strate- 
gy discussion in Rottingdean. 
Sussex, the shadow Cabinet 
backed Mr Jack Straw, shadow 
Education Secretary, in his 
plan for a campaign to convince 
voters that the education plans 
were 'a sham and a confidence 
trick.” 

Mr Neil Kinnock, party lead- 
er, in an upbeat assessment of 
the meeting, highlighted educa- 
tion and the attack on the pro- 
posed community charge, or 
poll tax, as central features of 
Labour’s plan of campaign in 
the new parliamentary session, 
which begins on October 2L 


Shadow ministers also dis- 
cussed crime and policing. Mr 
Roy Hattersley, shadow Home 
Secretary, mapped out a cam- 
paign to convince voters that 
Labour was the natural party of 
law and order because the ordi- 
nary people it sought to repre- 
sent were most likely to be the 
victims of theft and violenca 

Mr Straw outlined a plan to 
embarrass Mr Baker by high- 
lighting apparent differences of 
emphasis between him and the 
Prime Minister which Labour 
feels the Government has failed 
to resolve since it announced 
the proposals during the elec- 
tion campaign 

Speaking to reporters after 
the meeting, Mr Straw said Mr 
Baker was 'riding the high wire 
and is going to foil off He Is 
caught between his liberal in- 
stinct and his personal ambi- 
tion. He ought to decide wheth- 
er he's going to get his way or 


resign. 

"Margaret Thatcher and the 
Labour Party are agreed on one 
thing - Kenneth Baker is in- 
creasingly seen by the public as 
devious, shallow and untrust- 
worthy," said Mr Straw. "The dif- 
ference between us is that she 
will only say so in private. We 
will say so in public.” 

Mr John Cunningham, shadow 
Environment Secretary, said 
the Government's "dithering" 
over the timetable for the poll 
tax demonstrated that it had not 
thought the measure through 
and was "squirming this way 
and that in order to hide the 
true impact of the poll tax from 
the British people." i 

Mr Hattersley attacked the 
Conservatives’ "appalling” re- 
cord on crime. He argued that 
the average family was most 
vulnerable to burglary, vandal- 
ism and magging 


Chancellor 
reaffirms tax 
cut commitment 

By Pimp Stephens, 

Economics Correspondent 

MR NIGEL LAWSON, the Chan- 
cellor, yesterday reaffirmed the 
Government’s commitment to|| 
reduce the basic rate of tax 
from 27p to 25p "at the earliest 
opportunity that was prudent to 
do so.” 

Speaking on BBC radio and 
television, the Chancellor also 
described sterling’s present ex- 
change rate of $1.64 as "very sat- 
isfactory”. The ponnd's stability 
over the last six months had cre- 
ated the climate industry had 
been seeking while providing 
an important discipline against 
inflation. 

His comments on tax cuts are 
likely to feel speculation that 
the move to a 25p basic rate of 
tax will come in next March’s 
BudgeL Although the Treasury 
is expected to relax public 
spending targets for next year, 
government revenues are much 
more buoyant than expected. 

The Chancellor is widely ex- 
pected to combine the reduc- 
tion in taxes with > further cut 
in his target for the public-sec- 
tor borrowing requirement 
That combination would be 
aimed at persuading financial 
markets of the Government’s 
anti-inflation resolve. 

Mr Lawson gave an upbeat as-' 
sessment of the outlook for the- 
unemployed, predicting further 
falls in the jobless rate. Howev- 
er, he refused to set any target 
for a reduction in unemploy- 
ment during the lifetime of the 
present parliament. 


Owen urges reform for 
‘illogical’ social security 


BY TOM LYNCH 

DR DAVID OWEN, the former 
SDP leader, last night gave 
guarded approval to the princi- 
ple of withdrawing benefit from 
those under 18 who refese to 
participate, in government 
training schemes. He gave a 
warning, however, that they 
should first be given a choice of 
work and train in g. 

In his first important policy 
speech since last month's party 
conference. Dr Owen empha- 
sised the need for "urgent and 
fundamental reform and inte- 
gration of our chronically un- 
fair, illogical and anachronistic 
systems of tax and social securi- 
ty-' 

He was cautious about the 
prospects of introducing US- 
styie work-for-benefit "work- 
fare” schemes unless the Gov- 
ernment prepared the ground. 

The training content of many 


government schemes was seri- 
ously inadequate, he signed. "In 
principle, when all the tr aining 
schemes have -been strength- 
ened and when a real choice of 
work opportunity is available, it 
is not unreasonable for eligibil- 
ity to benefit to be Withdrawn 
for those 16-188 who are fit 
enough to participate." 

He said the logical conse- 
luence of such a scheme would 
financial support for parents 
who found it difficult to keep 
their children at schooL "In that 
way, work would be rewarded 
in or out of the classroom." 

Dr Owen rejected government 
suggestions that, when unem- 
ployment had been over 2m for 
seven years, "there exists a : 
straight choice between depen- 
dence and self-reliance which 
lies within the reach of every- 
one." 


£ 


McGivan to be Steel aide 

BY TOM LYNCH 

MR ALEC McGIVAN, who re- 
signed as national organiser of 
the SDP to run the campaign in 
favour of merging with the Lib- 
erals, has been appointed chief 
political assistant to Mr David 
Steel, the Liberal leader. 

Mr Steel's office insisted yes- 
terday that membership of the 
Liberal Party was not a condi- 
tion of such an appointmenL At 
least one other member of Mr 
Steel's staff is not a party mem- 
ber. 

The appointment takes effect 


today and is on a six-month con- 
tract which is expected to cover 
the negotiations between the 1 
two parties up to the launch of 
tiie new party. 

Mr McGivan, 34, was secretary 
of the Campaign for Labour Vic- 
tory from 1977 to 1981, when he 
became the SDP’s first fell-time 
employee. 

He was the party’s national 
organiser from 1981 until just 
after the general election when ; 
he resigned. 


stations 
picked 
for clean-up 

By Maurice Semuebon 


David Thomas on the rationale and impact of the STC purchase 

Northern Telecom gains a name 


THE LARGE coal-burning pow- 
er stations at Drax, North York- 
shire, and Fiddler's Ferry, Mer- 
seyside, have been chosen as 
Sites where £800m will be spent 
in the next few years to cut sul- 
phur emissions, a prime cause 
of acid rain pollution. Two 
thirds will be spent in two 
stages at the 4.000MW Drax sta- 
tion, Europe's biggest coal 
burner. 

The gas at Drax will be 
"scrubbed" by a method that 
uses 600,000 tonnes of limestone 
a year as a raw material. The 
waste product will be lm tonnes 
a year of artificial gypsum, a 
material used to make plaster- 
board and cement or as a land- 
fill 

For Fiddler's Ferry the Cen- 
tral Electricity Generating 
Board has chosen a different 
technology with a by-product of 
sulphur or sulphuric acid for 
the chemical industry. 

Announcing the decision at 
Drax yesterday Mr Derek Davis, 
a board member, said the two 
sites produced 15 per cent of 
Britain's electricity a year and 
with flue-gas desulphurisation 
(FGD) would cut by 360,000 
tonnes a year the amount of sul- 
phur dioxide discharged into 
the atmosphere. 

About seven consortiums 
have expressed Interest in 
building the FGD units. Mr Da- 
vis confirmed the board was in- 
terested in suggestions that the 
consortiums would not merely 
build but might also fend and 
even operate them on Its behalf. 

Subject to the necessary con- 
sent the £600m programme 
would begin with the most re- 
cently completed half of Drax 
where the FGD plant would be 
operational in 1993. The rest of 
the Drax plant would be com- 
pleted in 1995 and the Fiddler’s 
Ferry plant two yean later. 

The total clean-up cost would 
rise to about £lbn doe to the 
board’s further pledge to fit 
FGD in all sew coal-fired power 
stations. 

Mr Davis said: "These mea- 
sures are indicative of the 
GESGB's very serious commit- 
ment to international environ- 
mental protection.” The board 
would also take the utmost care 
to minimise inconvenience to 
the local communities. 

The main factors governing 
the choice of sites were that: 

The sites should be for the 
latest power stations and so 
achieve the greatest benefit 
over their lifetime. 

• The supply of raw materials 
for the process and the disposal 
of its by-products would, cause 
minimum environmental im- 
pact 

The board's longer-term na- 
tional strategy for FGD would 
not be prejudiced, given that 
the board expects to build pow- 
er stations at Fawley, Hants, 
and West Burton, Notts, and 
that ferther sites in the Mid- 
lands and south are being con- 
sidered. 

About 1,200 jobs will be cre- 
ated by the programme. 


.NORTHERN TELECOM’S pur- 
debase late on Tuesday evening 
of 27.8 per cent of STC, Britain's 
second biggest electronics 
group, may mark the end of 
Northern’s reputation in Eu- 
rope as the quiet giant of the 
world telecommunications in- 
dustry. 

it Is a Canadian company 
tough enough to take on and of- 
ten beat American Telephone 
and Telegraph in AT&T’s US 
backyard, yet Northern Tele- 
com is a name barely known in 
many business circles in Eu- 
rope. 

However, Northern, 52 per 
cent owned by Bell Canada En- 
terprises, has one of the best 
tales to tell among the world's 
telecommunication equipment 
manufacturers. The company 
has built its sales in the US, by 
for the world's largest market, 
from almost nothing 10 yean 
ago to $2.86bn last year. 

It has won its position in the 
US, where it is second only to 
AT&T, by fleet-footed market- 
ing and a willingness to break 
new technological ground. 

In 1977, it launched the digital 
revolution in US telecoms by 
selling the first digital public 
(exchange ahead of AT&T. It 
made its first sales of large digi- 
tal switches into the giant Bell 
market in 1982 - perfect tuning 
to exploit the new era of compe- 


tition that flowed from the 
break-up of the Bell system in 
1984. 

During the decade up to the 
mid-1980s. Northern was felly 
stretched manag ing its phenom- 
enal growth in the US. It poured 
investment into huge facilities, 
such as its large exchange facto- 
ry near Raleigh, North Caroli- 
na. It had to double its US man- 
agement team between 1982 and 
1984. 

More recently, however, 
Northern's management under 
its chairman Mr Edmund Fitz- 
gerald, a taciturn American 
with a background in US high 
technology before joining 
Northern in 1980, has been put- 
ting greater emphasis on build- 
ing up its operations outside 
North America. Those 
operations last year contrib- 
uted less than 2 per eent of its 
$L08bn operating earnings and 
less than 5 per cent of its 
$L38bn sales. 

That Is hardly surprising, be- 
cause the US is becoming an ev- 
er tougher sales region. Compa- 
nies such as Siemens of West 
Germany, Ericsson of Sweden 
and Stromberg-Caxison, the 
Florida-based subsidiary of 
Plessey of the UK, are fighting 
to become the third supplier to 
the Bell regional holding com- 
panies, just when the market in 
the US is flattening out after the 


frenetic modernising activities 
of the mid-1980s. 

Yet Northern suffered several 
rebuffs in its first attempts to 
break into Europe. It foiled to 
become the second exchange 
supplier to British Telecom and 
never appeared seriously in the 
race this year for control of 
CGCT, the second French pub- 
lic exchange manufacturer, 

' While Northern has foiled in 
some of these dramatic deals 
until this week, it has been 
slowly building up its 
operations in Europe, selling 
data-switebing equipment in 
several key markets such as 
West Germany and the UK and 
supplying public exchanges to 
Mercury Communications. BT*s 
fledgeling rival. 

Partly because its resources 
were concentrated on the US. 
Northern chose to enter many 
European countries through li- 
cence agreements, which 
helped to keep the company in- 
visible. Its private exchanges, 
for in ff*” »«*«* . are made under li- 
cence In several European 
countries, including Sweden. 
Italy and in the UK by General 
Electric Company - a relation- 
ship that will be reviewed in the 
light of Northern's new partner- 
ship with STC and the joint 
GEC-Plessey venture an- 
nounced last week. 

Northern has signalled this 
year that it would like to move 


into higher gear in Europe 
through acquisitions, strategic 
alliances and direct investment 
lus STC stake is the first fruit of 
this fell frontal approach to the 
European market 

Mr Bruce Tavner, president of 
Northern's European 

operations, said yesterday be 
saw the first fruits for Northern 
coming from access to STCs 
transmission and fibre optks 
products, where the British 
company i& recognised as being 
particularly strong. Northern 
has been keen to build up Its 
transmission sales, which rep- 
resented only 12 per cent of its 
revenues last year. 

He added that the two compa- 
nies wouid study whether they 
could collaborate m semicon- 
ductors, where he believed 
their strengths were comple- 
mentary. For example, he 
thought they could combine 
their work on components for 
the next generation of data and 
voice switching, known as the 
Integrated Services Digital Net- 
work. 

They would also want to re- 
view whether each company 
could manufacture some of the 
other's products under licence. 
Mr Tavner emphasised that he 
believed the immediate bene- 
fits for Northern would come in 
the UK. while any gains on the 
Continent would prove a lon- 
ger-term proposition. 


How it will affect the computer subsidiary 


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Electricity 
‘could 
import coal’ 

ByMax WRMnson, 

Resources Editor 


[MR CECIL PARKINSON, Ener- 
gy Secretary, said last night that 
privatised electricity industry 
(would be allowed to buy coal 
[from abroad if it wanted. 

He said on the BBC Radio 
Four Analysis programme: 
"There is no way that we could 
force a privatised industry to 
buy British coaL" 

■ It was the most forcefel state- 
ment yet by a minister on an is- 
sue that worries supporters and 
opponents of the Government’s 
plans to sell off the electricity 
industry in the life of this par- 
llamenL 

The reason is that coal repre- 
sents about 40 per cent of the 
industry’s costs. The Central 
Electricity Generating Board 
buys all its coal from British 
Coal at an average price of £42 a 
tonne, although supplies of im- 
ported coal are available at 
about £30 a tonne. 

British Coal claims that 
long-term supplies of foreign 
coal could not be obtained at 
that price, certainly not in high 
volume. However, the electrici- 
ty industry has estimated that it 
could save perhaps £750m a 
year if It were allowed to buy all 
the coal it wanted from abroad. 
That might be the equivalent of 
about 7 per cent off electricity 
prices. 

Critics of the Government’s 
privatisation plans have said 
that it makes little sense to 
move electricity into the private 
sector until a free and competi- 
tive market in coal is estab- 
lished. At present the CEGB 
buys coal from British Coal un- 
der a joint understanding by 
which some at least of the sup-, 
plies are priced near to world 
market rates. 

Mr Parkinson said that even if 
the market were opened up, the 
lack of port handling facilities, 
would limit imports to about; 
20m tonnes compared with the 
CEGB’s total purchase of about 
70m tonnes. Be believed the 
British coal industry was be- 
coming more efficient and 
would be able to foce the chal- 
lenge by the time the industry 
was privatised 


IT IS NOT every day that a com- 
pany spends close on £500m 
building up a 27.8 per cent stake 
in another concern and then 
promptly declares a lack of in- 
terest in the business that con- 
tributes more than half of its 
new partner’s profits. 

Yet that is precisely what 
Northern Telecom, the Canadi- 
an telecommunications equip- 
ment manufa cturer that bought 
into STC on Tuesday night, has 
said about ICL, the computer 
'subsidiary that contributed 51 
per cent of profits and 62 per 
cent of sales to its parent elec- 
tronics group last year. 

Part of Northern’s indiffer- 
ence to its new partner’s largest 
subsidiary is probably ex- 
plained by a wish to avoid polit- 
ical controversy about undue 
foreign influence over ICL. 
Britain's largest computer com- 
pany and sole mainframe manu- 
facturer. Fujitsu of Japan, 
which has an informal veto over 
ICL collaborations through its 
role in making the heart of IGL’s 
mainframes, also needed to be 
reassured. 

But the other reasons throw 
considerable -light on the real 
meaning of one of the standard 
cliches in high-tech debate -the 
convergence between comput- 
ing and telecommunications. 
They also illustrate the new 


ling 

the world of European informa- 
tion technology. 

Both STC and Northern were 
clear yesterday about what they 
wanted from the deal. 

For STC, it represents the 
chance to boost US sales of its 
transmission' equipment, where 
it has particular strengths, on 
the back of Northern’s presence 
there. Mr Roy Gardener. STC fi- 
nance director, said: "We have 
been trying to break into the US 
market and this will allow ns to 
do it much more quickly.” 

Northern also hopes to build 
np its UK sales by tapping STCs 
transmission strengths, accord- 


STCS BUSINESSES, 1986417 


Turnover 

£m 

Operating 

profit 

£m 

ICL 

Communication 

Components 

Defence 

1,189.1 

347.9 

2072 

8L1 

903 

56J 

20.0 

9.4 

Total 

1,9053 

175.7 


ing that its two representatives 
appointed to the STC board yes- 
terday - Mr Edmond Fitzgerald, 
Ur Northern chairman, and Sir 

ing to Mr Bruce Tavner, head of Nicholson, e-herrm*** of 

No rthern's European 

infonrf tn n0t tt * e “ P**t 1** 

Both companies intend to ^sit rf tuman | nna T m. 
down together over the next few 


months and identity ferther ar- 
eas for co-operation. Compo- 
nents for the next generation of 
voice and data switching, pri- 
vate exchanges and manufac- 
turing each other's products un- 
der licence will all be 
considered. 

So Northern is concentrating 
on two of STCs businesses, 
communications systems and 


ner says N orthe rn, 
scarred by having to 


Mr Tavner 
which was 

make large write-offt in 1980 on 
two data processing companies 
acquired two years earlier, be- 
lieves it is crucial to keep its in- 
dependence from any particu- 
lar computing company when 
supplying telecoms systems for 
the converging market place. 
Bence, Northern has built up 


components, which last year ac-' strong relationships with IBM, 
counted for only a third of STCs DEC, Hewlett Packard and 
turnover. It is reinforcing its Wang among others in the US. 
lack of interest in ICL by insist- a more general doubt might 


be raised about whether the no- 
tion of convergence has had 
many practical implica t i on s at 
ail While ICL believes that it 
will be able to do more work in 
future on network manag em ent 
with STCs telecoms wing and 
while they have already collab- 
orated on a number of switching 
and transmission projects, the 
amount of overlap remains fair- 
ly small. 

Under Mr Peter Bonfield’a 
leadership, ICL has transform- 
ed itself into a computer compa- 
ny concentrating on several 
niches such as retailing and 
manufacturing. ICL's top man- 
agement is spending increasing 
amounts of time considering 
bow to extend that strategy, 
which has so for proved highly 
effective in sustaining ICL'fl fi- 
nancial recovery, on the Conti- 
nent 

However, it also means that 
ICL has abandoned its previous 
pretensions of being a British- 
based rival to large computer 
concerns like IBM across the 
board. If Northern - one of the 
world’s most siccessfel telecom 
equipment companies of the 
last decade - had wanted to 
forge a close alliance, with a 
computer company,, it wouid 
hardly have chosen* relatively 
small British-based niche play- 
er. 


Tourist industry set for record year 


BY DAVID CHURCHILL, LBSURE INDUSTRIES CORRESPONDENT 


-BRITAIN'S TOURIST industry 
is still booming, according to of- 
ficial figures published yester- 
day. 

The number of tourists visit- 
ing Britain in July rose 15 per 
cent to J-9m and the industry is 
set for a record year in terms of 
the number of visitors. 

Leading the Increase was a 44 
per cent rise in visitors from 
North America, although that 
was in comparison with July 
last year when Americans were 
reluctant to come to Britain af- 
ter the Libyan bombing and 
Chernobyl incidents. 

About 11 per cent more visi- 
tors came to Britain from west- 
ern Europe in July compared 
with July last year. The number 
of visitors from the Far East and 


down. 

The figures, published by the 
Department of Employment, 
show that tourism is one of 
Britain's most buoyant sectors. 
Spending by overseas residents 
in Britain in July totalled 
£750m, up 18 per cent on the 
same month last year. 

The trend over the three 
months to July confirms the 
strength of the recovery in tour- 
ism. Total numbers of overseas 
visitors in those three months 
was about 21 per cent higher 
than in the same quarter a year 
ago. 

The number of visitors from 
North America was up 54 per 
cent while 17 per cent more visi- 
tors came from western Europe. 
However, during the three 


other countries was 1 per cent Months there was a 3 per cent 


foil in visitors from other coun- 
tries in comparison with the 
same three months last year. 

So far this year, the total num- 
ber of visitors to Britain is up by 
16 per cent to 8.7m. The rise in 
North American visitors is 28 
percent 
' The growth in Britons travel- 
ling abroad has not kept pace 
with the increase in incoming 
tourists. 

In July the increase In UK 
residents going abroad was only 
5 per cent in comparison with 
the same month last year, al- 
though these Britons spent 19 
per cent more when abroad. 

Over the May to July period, 
the number of Britons travel- 
ling abroad was only 1 per cent 
higher in comparison with the 
same quarter last year. 


Dan- Air calls for merger safeguards 


BY MCHAEL DONNE, AEROSPACE CORRESPONDENT 

DAN-AIR, THE UK lndepen- "By eliminating the competl- 
ident airline which carries more tion from British Caledonian 
than 5m passengers a year, be- the merger would set back the 
ilieves any merger between Brit- attempts to produce a multi-air- 
fteh Airways and British Caledo- lin e U K scheduled airline Io- 
nian Airways should be dustry." 


accompanied by safeguards 
against possible anti-competi- 
tive behaviour by the resulting 
so-called mega-carrier. 

The merger is being studied 
by the Monopolies and Mergers 
Commission which is due to re- 
port early next month. 

Meanwhile, in a statement 
timed to coincide with the Con- 
servative Party conference in 


Dan-Air, with other indepen- 
dent airlines, claims the 
merged carrier would dominate 
scheduled services out of both 
Heathrow and Gatwick, and that 
because of capacity limitations 
at Gatwick other charter air- 
lines could be squeezed out 
there. 

Dan-Air says that whether or 
not the merger proceeds, some 


Blackpool, Dan-Air says that if new government civil aviation 
merger is approved "It Is essen- measures are needed. These in- 
ti al that safeguards be adopted elude dropping policies favour- 
in the areas of competition ing scheduled services over 
airports policy. charter airlines at Gatwick, and 


requiring new entrants to the 
airline industry to use Stansted 
Airport rather than allowing 
them to use Gatwick, 

Dan-Air believes these mea- 
sures are necessary "to ensure 
the satisfactory growth of the 
British airline industry on a 
competitive basis to meet con- 
sumer needs.” 

Dan-Air also says the merged 
airline should be treated as one 
for all licensing and competi- 
tion purposes. This means that 
where both BA and BCal fly the 
same route one should give up 
its rights to other airlines, and 
that any BA-BCal licences al- 
ready granted but not yet flown 
should be given up and offered 
for competition from other op- 
erators. 


House prices boom is the 
‘highest for seven years ■ 

BY ANDREW TAYLOR 

THE HOUSE price boom in of September, compared with 6 
Britain is showing no signs of per cent for London and 8 per 
slackening, Nationwide Anglia, cent for the south-east general- 
Britain's third largest building ly. 

rent com P arison ’ bouse prices 

couX“ d £S e c SS “£ 

SoXI HP.JSMS "ZSS 

STS’M! rtSS? 

hiihirt toad P riees fell by 2 per cent 

JSEMfwrs 3s££ more a 

veys which show that prices in «S>™ 0 « flLOMWL 
East Anglia are rising faster House prices In the West Mld- 
than anywhere else. House lands, however, had shown an 
prices there rose by 10 per cent above-average 8 per cent in* 
in the three mouths to the end crease in three months. 


US tax boost for 

j Fisons drug 

By Andrew Taylor 

US Food and Drug Adxnln- 
tion has granted special 
tax status to Flsous, the British 
pharmaceutical, scientific in- 
strument and horticultural 
group, to encourage the devel- 
opment of a new method of ad- 
pninistering pentamidine, used 
to treat pneumonia In AIDS pa- 
tients. 

I Fisons says preliminary e»nj_ 
leal trials for using aerosols to 
[administer pentamidine had 
shown "aerosol pentamidine ap- 
pears to be well tolerated." 

Presently, says Fisons, the 
drug is administered intrave- 
nously, but that method can pro- 
duce very serious side effects. 


Paisley’s 

deputy 

resigns 

By Our Belfast C orrespon dent 

MR PETER ROBINSON, the 
East Belfast MP, has resigned as 
deputy leader of the Democrat- 
ic Unionist Party. 

The party’s headquarters yes- 
terday released a short state- 
ment confirming that the Rev 
Ian Paisley, the DUF leader, 
had received Mr Robinson’s let- 
ter of resignation. The state- 
ment added: "A meeting of the 
party officers will be called to 
consider this matter." 

Mr Robinson, 38, has been 
deputy leader since 1980. His 
res i g na tion came as a surprise 
to rank and file Unionists. He 
was regarded by many as likely 
to succeed Mr Paisley as leader 
of the party he helped to form in 
197L 

It is understood that his resig- 
nation has stemmed directly 
from the reluctance of Mr Pais- 
ley and Mr James Molyneaux, 
Official Unionist leader, to act 
on the recommendations of the 
Unionist Task Force report, of 
which he was co-author. 

The Task Force was estab- 
lished by the two Unionist lead- 
ers to hold discussions with in- 
terested groups in the Unionist 
com mun ity. Its brief was to win 
support for the campaign 
against the Anglo-Irish agree- 
ment and ascertain what con- 
sensus existed for political al- 
ternatives to the accord. 

A conclusion in the report, 
entitled An End to Drift, pub- 
lished last June, which sug- 
gested that no matter should be 
precluded from negotiations, 
was seen by many Loyalist har- 
dliners as capitulation to the 
power-sharing ethos. 

Mr Robinson, wno will retain 
party membership, is also 
thought to be unna ppy about 
the general conduct of the cam - 
pa ign against the accord. He is 
to favour consultation 
with all Loyalist groups who op- 
pose the agreement with a view 
to producing an effective, co-or- 
dinated strategy. 

later, Mr Robinson 
said that he had a duty to 
Jus views known to his col- 
leagues in his party. 

to remain a member 
Dup / 1 have a lot of time, 
effort, work and hope invested 
“ P?riy. I will continue to 
work for its success," he said. 
—rfj 85 ! * n ! d ho* Mr Paisley 
«»,i{^ r J ^ ol5rneaux of bis un- 
- ie ° commitment to any 
action they saw fit to take in 
-stepping up the campaign 
Against the acconi ™ 


f- 






9 


Fi n ancial Times Thursday October 8 1987 



In fact, the place is crawUng wtth them (only London has a higher 

concentration of this thriving species). 






































10 


Financial Times Thursday October S 19^7 


UK NEWS 


Second Trident to cost up 
to £40m less than first 


BY DAVD BUCHAN, DEFENCE COffilESPONOENT 


BRITAIN’S SECOND Trident 
submarine will cost £30m to 
£40m less to build than the first 
because the Royal Navy has in- 
sisted on reaping the benefit of 

construction experience gained 
by VSEL. the Trident boatbuild- 
er. 

Mr Rodney Leach, chief exec- 
utive of VSEL - formerly known 
as Vickers Shipbuilding and 
Engineering Limited - said yes- 
terday that 15 per cent fewer 
man-hours would go into mak- 
ing HMS Victorious because of 
lessons learnt in building HMS 
Vanguard, the first Trident 
boat 

The contract for Victorious 
was announced on Tuesday by 
Mr George Younger, Defence 
Secretary. 

VSEL is building the Victori- 
ous - including the nuclear pro- 
pulsion system but minus the 
US-supplied nuclear missiles - 
for £425 m, against the compara- 
ble cost of abont £460m for Van- 
guard. 

Admiral Sir Derek Reff fell. 


the navy controller, said the 
Royal Navy and VSEL “both feel 
we could have done better on 
the contract” He suggested that 
probably meant it was fair to 
both sides. 

He and Hr Leach were speak- 
ing at a press conference at the 
launch of HMS Campbeltown, a 
Type 22 frigate, from VSEL's 
Cammell Laird yard at Birken- 
head. 

The second Trident order 
made the programme less vul- 
nerable to political cancella- 
tion by a future government, 
Lord Chalfont, VSEL chairman, 
said yesterday. 

The new order also removes 
the extraordinary 125 per cent 
cancellation penalty charges 
written into the first Trident 
contract VSEL insisted on that 
in advance of the general elec- 
tion this year as potential com- 
pensation fbr possible loss of 
use of special-purpose, long- 
lead tools. 

Mr Leach said the cancella- 
tion charges now would simply 


amount to 100 per cent of both 
Trident boats. 

Yesterday VSEL said the 
Campbeltown was nearer to 
completion than any other war- 
ship at the time of her launch, 
with 85 per cent of weapons in- 
stalled. 

VSEL said this was one of sev- 
eral advances made in its rever- 
sal in the fortunes of the Cam- 
mell Laird yard, which is 
building three Upholder con- 
ventionally-powered subma 
lines with a workforce in- 
creased by 60 per cent to 2 , 000 
since privatisation last year. 

Cammell Laird will be joining 
in the hard-fought bidding for 
the four Type 23 frigates which 
this week Mr Younger an- 
nounced his intention to build. 

Admiral Reffell said yard 
would get several months to 
prepare tight bids for the con- 
tract. He did not expect any 
award of frigate contracts be- 
fore the middle of next year. 


Volvo takes j Eric Short on the CBI’s worries over voluntary pension contributions 

Paperwork overload the employers fear 

Jl «■>) if If tk* 


Devonport dockyard looks for 
a change from sails to rails 


THE NEW commercial manage- 
ment of the Devonport dockyard 
is searching inland and over- 
seas to offset a steeper decrease 
than expected in Royal Navy 
work for Europe’s largest war- 
ship facility. 

The main, although superfi- 
cially implausible, customer on 
which Devonport Management 
(DML) has set its sights is Brit- 
ish Rail, with its annual £130m 
engine overhaul programme. 
DML is already repairing some 
BR electric generators and cov- 
ets the higher volume and value 
work on BR diesel locomotives, 
similar to those in warships. 

DML, a consortium of Brown 
& Root, Balfour Beatty and the 
Weir Group which last April 
took over management, but not 
ownership, of the Devonport 
dockyard, said some of the same 
commercialisation was taking 
place at BR. That would make it 
easy for outsiders to bid into the 
BR work programme. 

The sensitivity of DML’s at- 
tempted diversification, howev- 
er, lies in the fact that British 
Rail Engineering is laying off 
workers just like Devonport 
which is itself due to lose 3.400 
of its 11.000 workforce within 
four years. 

Overseas, DML is touting for 
warship repair and service 
business from navies that oper- 
ate British-built ships, such as 
those of Australia. Canada. Chi- 
le and Brazil, which sail Ober- 
on-dass submarines. It claims 
to have already won some small 
contracts. 


David Buchan looks 
at the results of 
a steep decline in 
Royal Navy work 
in Europe's largest 
warship facility 


But in an interview at the 
sprawling 300-acre yard, Mr Mi- 
chael Leece, DHL's managing 
director, yesterday conceded 
that European navies were as 
unlikely to place repair work 
with Devonport as the Royal 
Navy would be to place work 
with European yards. 

Devonport has foiled so for to 
win any of the Royal Navy refit 
and repair work which the Min- 
istry of Defence has this year 
opened to competitive UK ten- 
der. Its diversification drive 
had proved more successful 
than expected, Mr Leece said, 
but could produce only £2m in 
new contracts since April 

Thus. DML had had to react to 
the MoD’s decision this summer 
to reduce further the so-called 
'core programme” of work allot- 
ted to Devonport by announcing 
further redundancies, Mr Leece 
said. The workforce is to be cut 
by 2,000 by next April, by 1,000 
in 198849, and by 200 in each of 
the two succeeding years. 

Mr Leece regretted that the 
MoD action had forced the com- 


pany to abandon its original 
claim, made in bidding for the 
seven-year dockyard manage- 
ment contract, that no one 
would be laid off in the first 18 
months or two years of the con- 
tract period. 

Several of the 17 trades 
unions represented at Devon- 
port have objected to the over- 
all scale of the redundancies 
and to DML’s recent action in 
refusing the benefits of volun- 
tary redundancy to certain 
skilled workers whom the man- 
agement does not want to lose. 

, Mr Leece said he needed to 
keep a balanced workforce and 
would decide within the next 
few weeks to whom the volun- 
tary redundancy scheme should 
be available 

The rationalisation task at 
Devonport was always expected 
to be bigger than that at Rosyth, 
the other royal dockyard put in- 
to private management 
by the Thatcher Government in jj 
April and now the beneficiary 
of a more clearly defined ‘core 
programme” of refit work on the 
Polaris nuclear missile subma- 
rines and, eventually, on Tri- 
dent submarines. 

The DML consortium pays a 
£24m annual licence fee to the 
MoD for the right to manage the 
dockyard. Hr Leece said his 
consortium’s assumption was 
that *a profit would be made- 
from day one”, but that was se- 
verely regulated by the MoD on 
non-competitive work involving 
the use of government assets. 


franchises 
away from 
66 dealers 

By Kenneth Gooding, 

Motor lr.<Zuftry Correspondent 

ONE OF the biggest upheavals 
seen in the UK, motor trade has 
resulted in 88 Volvo car dealers 
- 22 per cent of the total - losing 
their franchise in the past year 
because they were unwilling or 
unable to support a *new retail- 
ing concept” developed by the 
import company, Volvo Conces- 
sionaires, part of the Lex Ser- 
vice group. 

Mr Philip Payze. chief execu- 
tive of Volvo Concessionaires, 
said yesterday his company had 
to take action because it was the 
only oue in Britain to offer five- 
year contracts to dealers. Those 
had just come to an end. 

”Some of the dealers did not 
like the way the industry had 
changed in the past five yean so 
there is no way they will like 
the next five”, he said, explain- 
ing that about a third of the 
dealers who lost the franchise 
did so ”because of altitudinal 
problems.” 

Concessionaires has • been 
able to replace most of the deal- 
ers and now has 288 against a 
maximum target of 290: 

The changes come when Con- 
cessionaires and its dealers are 
achieving record results, both 

financial flnrf in nnit mIm 

In 1986 Concessionaires’ tax- 
able profit rose 28.4 per cent, 
from rsam to £29.6m, on turn- 
over np 26.3 per cent from 
£359m to £453m. The pre-tax 
profit beat the previous peak, 
£27. 75m, reached in 1983. 

Mr Payze said Volvo car regis- 
trations this year would be 
more than 7&0OQ, including 
38,500 of the small 300-series 
cars, compared with 89,000, in- 
cluding 39,400 of the 300s, last 
year. 

The company launched anoth- 
er aspect of its new retailing 
concept yesterday. Called Volvo 
Careline, it offers buyers of new 
cars free membership of the 
RAC, with roadside assistance 
if needed, and free overnight 
accommodation, car hire or a 
train ticket if the bolt is to take 
24 hours to rectifo. 

The scheme is to be operated 
with the lifetime care' scheme 
launched by Concessionaires 
last year which gives almost a 
lifetime warranty against de- 
fects in Volvo cars as long as 
they are always serviced by au- 
thorised Volvo dealers. 

Mr Payze said the idea was to 
enable Volvo dealers to keep 
more of the available service 
and parts business. At present 
the franchised network has 
about 45 per cent of the service 
business - well above the 27 per. 
cent average for all franchises 
Concessionaires also to 
increase customer loyalty above 
the present level of more than 
eight out of 10 buyers of new 
Volvo® returning for another 
Volvp when they change cars. 


IN SPITE of concessionary 
changes made on 


the Inland Revenue to its 

pension rules for the operation 
of free-standing additional vol- 
untary contributions, the Con- 
federation of British Industry 
remains extremely concerned. 

The CBI still considers that 
employers are being required 
to take on an unacceptable ad- 
ministrative burden and re- 
sponsibility. 

FSAVCs, Introduced In this 
year’s Budget, enable employ- 
ees in company pension 
schemes to mate their own ar- 
rangements to pay extra contri- 
butions to boost their pension 
benefits as an alternative to us- 
ing the company scheme's own 
AVC arrangement 

The Revenue is insisting not 
only on an overall contribution 
limit - main scheme and FSAVC 
- of 15 per cent of earnings, but 
also that the eventual pension 
benefit from the main scheme 
and the FSAVC does not exceed 
Revenue limits, with an overall 


mwTiwmTn of the pension not ex- 
ceeding two thirds of earnings 
at retirement 

A close monitoring of such 
benefit limits is a complex task 
requiring actuarial input since 

the pension from a FSAVC de- 
pends on a variety of factors: 
level of contributions, invest- 
ment returns over the period of 
the contract and annuity rates 
at the time of retirement 
- Although the transaction of 
an FSAVC relates to a contract 
between the employee and a 
life company, or other pension 
provider, the Revenue insists 
that there should be a central 
coordinator to monitor the con- 
tribution «nd benefit limi ts and 
that the employer is best placed 
to cany out that role, rather 
than the employee or the pen- 
sion provider. 

The Revenue has put the em- 
ployer even more on the spot, 
because if the ultimate pension 
exceeds the limit, say because 
of an excellent investment per- 
formance on the FSAVC, then 


the main company pension 
would be cut to conform to tne 
limi ts. . . 

In such circumstances it is the 
employer, not the employee, 
who would receive the benefit 
from the FSAVC. 

The Revenue has relented on 
«MifciHg employers produce a 
precise calculation each tune 
an employee takes out an 
FSAVC, and from having to 

monitor progress and recheck 
the contributions every three 
years. Nevertheless the new 
rules will still involve the em- 
ployer in a considerable admin- 
istrative burden, with cost im- 
plications, in monitoring a 
tr ansa ction in which the em- 
ployer has no other involve- 
ment and no controL 

The CBI has made its views on 
those rules known to the Reve- 
nue, even though it will not be 
able to alter the final shape of 
the rules under which the 
FSAVCs will operate 

The CBI has also warned the 
Revenue that it will be monitor- — . . 
ing the effects of the rules on ' sions administration. 


members and if it finds that the 
administrative burden becomes 
onerous, it will return to lobby- 

in fhat might occur quickly, 
since the life companies art 
poised to start offering the 
FSAVCs to employees in com- 
pany pension schemes. Their 
trade association, the Associa- 
tion of British Insurers, has wel- 
comed the concessionary 
changes and says it does not en- 
visage the rules imposing too 
heavy a burden on employers 
and pension scheme adminis- 
trators. 

Allied Dunbar, a member of 
BAT Industries, is already mar- 
keting Us FSAVC. even though 
the official launch date is Octo- 
ber 28- U feels the contracts pro- 
vide a splendid opportunity for 
its sales force and it intend? to 
become a leading player Other 
life companies might be follow- 
ing that lead soon. 

So employers might find out 
very soon whether FSAVCs will 
impose a burden on their pen- 


IBC starts up as Bedford van sales fall 


BY OUR MOTOR MDUSTRY CORRESPONDENT 


IBC, THE joint company set up 
last month by General Motors of 
the US and its Japanese associ- 
ate Isuzu to take over GW’s van 
production facilities at Luton in 
Bedfordshire, starts operations 
while UK sales of some of the 
vehicles produced by the facto- 
ry are foiling fost 
la the first nine months of this 
year, registrations of Bedford 
CF and Midi vans dropped by 
more than 27 per cent, from 
10,383 to 7,562, according to sta- 
tistics from the Society ofMotor 
Manufacturers and Traders. 

The decline seems to be gath- 
ering pace because the foil was 
of 38J5 per cent in the last 
month alone, from 968 to 615 
vans. 


That was partly because GM 
stopped producing the mainly 
British Bedford CF vans in Au- 
gust However, the Midi, based 
on an Isuzu design, has also 
foiled to live op to GM*s original 
sales expectations. 

IBC is 60 per cent owned by 
GM and has the capacity to pro- 
duce 4OJ000 vans a year. The 
company forecasts that output 
this year will be 19500, com- 
prising 10,700 micro vans based 
on a Suzuki design, 6£00 Midis 
and 2£00 CFs, compared with 
production in 1986 of 19,873 
vans, consisting of 8953 micros, 
5,446 midis and 5,474 CFs. 

UK-built vans from Freight 
Rover, now owned by Daf of the 
Netherlands, f* 1 ^. in particular. 


Ford have filled the gap left by 
Bedford's decline. 

In the first nine months, regis- 
trations of the Ford Transit 
were up by 38 per cent to 43,612 
and those of the Freight Rover 
Sherpa by 8.67 per cent to 
name 

Ford’s progress has outpaced 
that for the total van sector, 
where sales rose by 10-27 per 
cent to 104273 in the first nine 
months. 

That compares with a 7 per 
cent advance in total commer- 
cial vehicle registrations in the 
period, to 241299, according to 
the society. 

The importers' share of total 
sales fell from 40.14 per cent in 
the first nine months of 1986 to 


38.13 per cenl in the same peri- 
od this vear. 

Over the nine months, regis- 
trations of car-derived and mi- 
cro vans advanced by 4.4 per 
cent to 7929S and sales of light 
four-wheel-drive vehicles in- 
creased by 4.16 per cent to 
11.492. Bus and coach registra- 
tions fell by 10.75 per cent to 
1,636 but those of trucks and ar- 
ticulated Irucks were 6.05 per 
cent ahead at 43903. 

In the truck and articulated- 
lorry lover 3.5 tonnes gross 
weight) sector after nine 
months Iveco Ford, with 10200 
registrations (up from 8.125) led 
its arch-rival Leyland Daf, an- 
other Daf subsidiary, which had 
9234 (against 9271k 


Truck maker on road to record 


BY JOHN GMRTTHS 
ERF, the UK independent 
heavy truck mater, expects to 
reach record production levels 
by February and nearly to dou- 
ble its share of the UK heavy 
truck market compared with 
1986, Mr Peter Foden, ghaiiman, 
said yesterday. 

Mr Foden expects ERF'S 
share of the 16 tonne-plus mar- 
ket wOl reach 1L5 per cent com- 
pared with a forecast of 7.8 per 
cent in the current year and 5.7 
per cent in 1986, 

He said that would be the fru- 
ition of a three-year plan involv- 
ing widened and improved mod- 
el ranges, revised service sales 
and marketing operations and 
management restructuring. 

He also indicated that ERF 
would have a better year finan- 


cially than that ending last 
March when pre-tax profits fell 
to £0.71m from £L27mon margin- 
ally higher turnover. 

During 2981-83, in the trough 
of the world truck recession, 
ERF lost nearly £9m before tax 
and some indnstxy observers 
predicted that it would not sur- 
vive. 

. Last year’s results contain a 
'sharp second-half improvement 
whi ch pr oduced pre-tax profits 
of £660, 0 00 compared with 
282900 in the first six months. 

Yesterday. Mr Foden was 
able to back his claim of a swift- 
ly rising market share with sta- 
tistics showing 1,483 sales in the 
year up to the end of August, up 
45.1 per cent on the 1,022 
achieved in the same period 


last year. 

Over the comparable periods 
the total market for tracks over 

16 tonnes rose by 1L2 per cent to 
20937 from 18,723. 

ERF expects o utput to reach 

17 trucks a day equivalent to 
around 3.000 a year by Febru- 
ary. The previous peak of 16 a 
day was reached in 1973. 

The world’s truck market 
crashed in the spring of 1980, af- 
ter which ERF’S output 
dropped to two to three trucks a 
day. 

Mr Foden said the company 
could reach 4900 trucks a year, 
without installing extra capaci- 
ty or starting double shifting; 

Next year’s increase was like- 
ly to require some extra em- 
ployees 


Inquiry into 

aircraft 

accidents 

By Mteha e l Donna, 

Aerospace Correspondent 

THE Civil Aviation Authority is 
conducting an inquiry into the 
causes of the significant in- 
crease in accidents to lig ht air- 
craft this year, to determine 
•whether safety rules need tight- 
ening. 

So for this year there have 
been 29 fetal accidents to gener- 
al aviation aircraft, that is in- 
volving all non-abrllne aircraft 
operations. 

That compares with 19 acci- 
dents in the whole of last year 
and 21 accidents in 1985. 


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• BUSINESS LAW 


Beware of US ‘bad faith’ litigation 


By A. H. Hermann, Legal Correspondent 


FACED WITH a claim of doubt- 
ful legal strength, prudent man- 
agements tend to reject it and to 
wait and see whether the claim- 
ant will have the courage to 
take them to court then they 
may be in a better position to 
decide whether to settle or to go 
the whole way of litigation. This 
may no longer be a prudent pol- 
icy with regard to claims which 
can be litigated in the US. 

By unreasonably or negligent- 
ly refusing to settle a claim 
right away, an insurer, or anoth- 
er strong party to a contract, 
would ran the danger of addi- 
tional or punitive damages if 
found guilty of a breach of con- 
tract This Latest transatlantic 
tale of woe was presented to the 
Association of British Insurers 
by Mr Guy Kornblum*. a Saa 
Francisco lawyer, lecturing in 
London last Monday. 

Though developed in insur- 
ance cases, the "bad foitb” litiga- 
tion is now also applicable in 
banfcinfe employment, real es- 
tate ana ordinary contract dis- 
putes. Considering the insurer, 
the ba n k, or the employer to be 
the stronger party, the US 
courts imply in the contract an 
obligation to treat the insured, 
the bank customer or the em- 
ployee Fairly. If the stronger 
party unreasonably refuses or 
delays the settlement of a claim, 
the courts will award, in addi- 
tion to damages for the breach 
of contract, additional damages 
for ”bad faith” and punitive 
damages if there was any "mal- 
ice” or intention to harm the 
weaker party. While in the ordi- 
nary breach of contract suit the 
plaintiff can only claim com- 
pensation for damage foresee- 
able by the defendant at the 
time mien the contract was 
made, in the case of a "fortified” 
contract - where performance 
was unreasonably reftised - it is 
“ le to claim compensation 
a greater damage foresee 
able only at the time when the 
performance was refused- In . 
addition, it is possible to also ' 
claim compensation for emo- 
tional stress, attorneys fees and 
other legal costa. 

There is no sign yet that En- 
glish courts will adopt this mod- 
el. However, the US judicial 
practice already has its effect 
on UK Insurers and may later 
inflnence the behaviour of oth- 
er non-US enterprises doing 
business in the US: they will 
have to take into account that by 
rejecting a doubtful claim they 
risk the US courts iwaWwg them 
pay substantially more than 


would be necessary for settling 
the claim right away. 

The principle that corporate 
! - violating standards of 
and fair dealing” - 
punished, was devel- 
oped primarily in California 
bnt gradually adopted fay other 
sun-belt states down to Texas. 
There was a string of "bed faith” 
eases against insurance compa- 
nies who were accused of doing 
less titan they should in investi- 
gating and handlin g the riftiiM 
of the insured or of the third 
parties. 

The failure to deal fairly 
came to be considered as a rival 
wrong. Along with this expan- 
sion of tort liability came the 
imposition of punitive dannag** 
against insurance companies. 
In 44 jury verdicts between Jan- 
uary 1983 and March 1985, Cali- 
fornian courts made punitive 
awards in excess of $issm 
(flOlm). The highest single 
award was fbr $44 million. Early 
in 1985 the Shell Oil Company 
was found to have caused a loss 
of $75JI00 to a service station 
operator by obstructing his sale 
of the franchise. On top of the 
*75,000 of actual damages, Shell 
was made to pay a Anther $5 
million in punitive damap w 
and a further $42£00 for e mo- 
tional distress. In March of the 
same year, an Oakland court 
awarded $125 million in puni- 
tive damages to 55 investors in 
Computer Land Corporation, 
claiming that the firm violated 

the terms of a $250,000 loan 
agreement; and in May 1965, a 

San Jose jury awarded a former 

sales repres e n t a t ive of NEC 
Electronics $5&3 million in pu- 
nitive damages for wrongftri ter- 
mination of employment, 
breach of contract and defama- 
tion. 

The US courts derive the doty 
of good faith and fair dealing 
from the existence of a special 
relationship between the par- 
ties to a contract In the case of 
the insurance contract, the rela- 
tionship is characterised not 
only by the unequal bar gaining 
power of the two parties but al- 
so by the insured’s expectation 
that his insurance company will 
not wrongfully deprive him of 
the security which he attempted 

to ob tain ly hiring mat an Inmr . 

ance policy- In a number of 
cases dealing with third party 
claims, when the insured was 
covered only for part of the 
claim and had to bear the ex- 
cess himself, the Californian 
courts held the insurer respond 
sible for the entire claim, in- 


cluding the excess, if it reftised 
a settlement offered by the 
c laim ant and which in the view 
of the court, a "prudent insurer" 
would have accepted. The in- 
surer may be held liable for the 
excess judgment if he foiled to 
settle at or below tiie policy lim- 
its, even if he acted in good 
faith and was sincerely, though 
erroneously, convinced that the 
claim is not covered fay the poli- 
cy. ! 

This doctrine of strict liabili- 
ty was brought a step Anther 
when the California Supreme 
Court held that a third party can 
sue an insurer directly for the 
mishandling of a giaim and that 
tiie insurer owes a duty, to man- 
age properly settlement negoti- 
ations, both to its insured and to 
third party clai m a n ts. He will 
be held liable for any addition- 
al lasses occurring after a fail- 
ure to accept or make reason- 
able offers of settlement 

The tort concept, leading to 
extra-contractual damages was 
well established by 1974 but 
since then the judge-made law 
has been further refined. At 
present Californian courts 
seem to be ready to find that the 
implied covenant of good faith 
and fair dealing was breached 
whenever the insurer wi thhe ld 
a settlement unreasonably and 
without proper cause. This 
.would be so, for example, when 
he foiled in his duty to investi- 

g te thoroughly the insured or 
e third party’s claim. The Cal- 
ifornian Unfair Practices Act 
provides farther that the insur- 
er must 'attempt in good faith to 
effect a prompt, fair and equita- 
ble settlement” when liability 
has "become reasonably clear". 

. While in California these du- 
ties of the ins urer cun be en- 
forced by private action, the Ar- 
izona Insurance code as well as 
Indian a law reserve these mat- 
ters to public prosecution. To 
establish "bad faith' conduct it 
is enough to show that there was 
an unreasonable withholding of 
benefits by under-payment, de- 
lay or a wrongful refusal to pay 
altogether. In such case extra- 
contractual compensatory dam- 
ages are assessed on the basis 
of actual, proven, losses. How- 
ever, if the claimant can show 
that the insurer’s conduct was 
malicious, fraudulent or op- 
pressive, he has a chance of ob- 
taining punitive damages as- 
sessed not on actual losses, but 
on the basis of the defendant’s 
wealth or company assets. 


Even if an insurance company 
obtained an independent law- 
yer’s opinion before refasing a 
claim, the courts may not accept 
this as proof of good faith, but 
will investigate any allegation 
that the lawyer was acting in 
collusion with the company. 
The courts also introduced a 
number of measures designed 
to protect the defendant These 
may take the form of a require- 
ment of a hi * . - _ 

idenceorof 
the defendant 
presumption of innocence, or 
requiring a unanimous verdict 

A constitutional attack on the 
abuse of punitive d nmg c i f*g liti- 
gation has been made in the 
case of Bankers L^b and Casual- 
ty Company v Crenshaw now 
pending before the US Supreme 
Court. In this case the Supreme 
Court is invited to say that the 
Mississippi law, which gives a 
jury unfettered discretion to 
award punitive damages on 
vague grounds, violates the "Ex- 
cessive Fines Clause” of the 
Eighth Amendment of the US 
Constitution anJ the "Contract 
Clause” and *New Process 
Clause” of the Fourteenth 
Amendment 

The US law enabling the 
of punitive damages by 
which UK firms now feel threat- 
ened, has its roots in Anglo-Sax- 
on England where tiie wrong- 
doer was required, in addition 
to compensatory damages to the 
rictim, to pay a farther fine to 
roe community on the ground 
« V »F«*U deed is also a 
public offence. These fines, 
called amercements after the 
Norman conquest, became an 
important source of Crown rev- 
enue and escalated accordingly. 

In an attempt to contain the 
escalation of these punitive 
damages, the Wn pT*rt Carta In- 

SS3S? Principle of pro- 
portionality between the 
, and the wrong 
5£“ e ttb^o Lord or the court 
77ie US Supreme Court has 
been reminded of this by the 
appellant in the GreSdtaw 
The insurance barons, as 
ewAn?*?*’ hope that the 

fforahiuiiL who suvpBed 
tiiei^orm^xoTi m which 

*sthe senior partner 



Financial Times Thursday October 8 1987 


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12 


CONSERVATIVES AT BLACKPOOL 


■Financial Times Thursday October S 1987 


Uproar on death penalty stemmed 


SKILFUL STAGE management 
reduced widely predicted ex- 
plosive demands for the rein- 
trodnctlon of capital punish* 
ment to a muffled roar at the 
Conservative conference at 
Blackpool yesterday. 

Hr Douglas Hurd, the Home 
Secretary, was subjected to only 
a fraction of the abusive heckl- 
ing endured by Lord Whitelaw, 
his most notable Conservative 
predecessor, as he restated his 
personal opposition to the res- 
toration of hanging. 

He confirmed that an early 
debate in the Commons would 
give newly-elected MPb the opp- 
ortunity to accept or overturn 
the anti-hanging consensus es- 
tablished among the parties at 
Westminster in 1965. 

Mr Hurd defiantly told his vo- 
ciferous critics on the confer- 
ence floor that bis personal 
opposition to capital punish- 
ment was well known and he 
did not intend to "wobble and 
waver." 

To sympathetic applause, he 
said: "I do not believe there Is 
anybody in thi s hall who would 
give me any credit or respect If 1 
were to begin to do that” 

Mr Hurd's promise that the 
Government would provide 
tirne for an early debate in the 
Commons on capital punish- 
ment - ending in a free vote 
without the party whips apply- 
ing any pressure - folly met the 
terms of an amendment special- 
ly selected by the party manag- 
ers to ease his path. 

This merely recognised the 
public concern on the capital 
punishment issue and ex- 
pressed the belief that it should 
again be considered by parlia- 
ment 

More controversial amend- 
ments calling for tbe rein trad- 
uction of the death penalty for 
the murder of policemen and 
prison warders and for premed- 
itated murder were passed 
over. 

There were shouts of "Shame" 
when Mr Hurd recalled that he 
had always opposed the resto- 
ration of the death penalty. 

Nor were the critics im- 
pressed wben he stated that his 
period of office as Northern Ire- 
land Secretary had convinced 
him that it would help terrorist 
groups if they were able to ex- 
ploit the execution of their 
young men. 

At the same time be accepted 
that his opinion was just one 
among many in the Conserva- 
tive Party in parliament - Mrs 
Margaret Thatcher, the Prime 
Minister, is among those who 
advocate the rein trod action of 
the death penally. 

Mr Hurd commented: "It is, 
and must remain, a question of 



Pledge oyer 
continuing 
reform of 


Customer protection pledge on 
privatised electricity industry 


CUSTOMERS who received ser- 
vice felling abort of agreed stan- 
dards from a privatised elec- 
tricity supply industry 

mayreceive rebates or vouchers 
in compensation, Mr Cecil Par- 
kinson, Energy Secretary, an- 
nounced yesterday. 

Hr Parkinson, who received a 
K" rapturous reception from dele- 

uig a conference debate jester- gates on his return to con- <- 

r< i ference as a minister, said that i ' - 
Mr Patrick Nleholla, Employ- he ^ determined to build 


unions 

THE GOVERNMENT is to per- 
severe with legislation to pre- 
vent trade unions firing disci- 
plinary action against members 
who refuse to join strikes, in 
spite of doubts expressed dur- 


ment Undersecretary, said that 
the provision, which has pro- 
voked widespread criticism, 
would be Included in the Em- 
ployment Bill to be introduced 
at the start of the nest parlia- 
mentary session. 

He said that an employee who 
decided not to strike despite a 
ballot in fevour of industrial ac- 
tion might be acting on a range 
of obligations, including those 
to his employer and his family 
as well as his union. 

"If the strike really is wanted 


both competition and customer 
protection into tbe anwnge- 
meats for electricity privatisa- 
tion. 

He pledged that although de- 
tails of the privatisation were 
still being considered, "this 
huge industry will not be sold 
•off as one vast monolithic cor- 
poration." 

He said that 80 per cent of in- 
the g 


dustry was in 


generation 


’and transmission areas, adding: 
■"There is no natural monopoly 
in generation, and there is no 




judgment for each one of us. 
The strength of opinion wit- 
nessed in this hall today on both 
sides of the argument simply 
has to be respected." 

But Mz Hurd was adamant 
that capital punishment could 
not become a party, political iss- 
ue. He had no difficulty whatev- 
er in accepting the amendment 
with its call for a fresh parlia- 
mentary discnssion. 

He said: "In a parliamentary 
democracy that is the only place 


do so. 

Mr Hurd also announced that 
the Government intended to 
tackle the growing menace of 
knives used in the pursuit of 
crime. 

Parliament would be asked to 
make it an offence to have in a 
public place a knife without 
good reason or lawftil authority. 

To applause Mr Hurd de- 
clared: "Our citizens, and in 
particular, our young police of- 
ficers, deserve greater protec- 


Reports by PETER RIDDELL, IVOR OWEN, USA 
WOOD and JOHN GAPPER 
Pictures by ALAN HARPER 


where a decision can be made." 

The Home Secretary success- 
fully appealed to the confer- 
ence not to allow the differ- 
ences in the party over capital 
punishment to obscure the 
widespread support for the oth- 
er measures which the Govern- 
ment had taken and intended to 
take to deal with the rise in 
crime. 

New steps to be taken by the 
Government, he said, would in- 
clude giving the Attorney Gen- 


tion from the law than they get 
at present 

"So thugs should be warned - 
carrying knives will not be tol- 
erated.” 

Emphasising the Govern-: 
ment’s concern about the effect 
of tbe violent scenes regularly 
depicted in popular television 
programmes, he said a Broad- 
casting Standards Council di- 
vorced from programme making 
would be established. 

The new body would act as a 


eral the power, with the leave of focus for public concern about' 


the Court of Appeal, to appeal 
against sentences which ap- 
peared to be unduly lenient At 
present the Court of Appeal 
could not increase sentences 
and the change planned by the 
Government would enable it to 


the portrayal of violence and 
sex on television and would al- 
so monitor developments in vid- 
eo on cable and in satellite 
broadcasting. 

Mr Hurd explained that the 
council would be created as a 


statutory body as soon as parlia- 
mentary time could be found for 
the necessary legislation. But 
he intended "to get It up and 
running" ahead of the legisla- 
tion and with the least possible 
delay. 

Mr Derek Hickman, a Bir- 
mingham barrister who opened 
the debate, urged those opp- 
osed to the restoration of capi- 
tal punishment to consider the 
implications of confining an in- 
corrigible criminal to prison for 
life. 

To applause, he questioned 
whether such action, putting 
criminals literally out of sight 
and comfortably out of mind 
was "compassion or cowardice.” 

Mr Charles Chichester, a map 
publisher who moved the suc- 
cessful amendment, acknow- 
ledged the difficulties involved 
in determining which crimes 
should be made subject to the 
ultimate punishment. 

Judging by experience in oth- 
er countries, he also accepted 
that the question whether capi- 
tal punishment was or could be 
an effective deterrent remained 
open. 

However, Mr Chichester em- 
phasised that the wave of frus- 
trated anger generated by the 
crime wave reflected the belief 
that "something must be done." 

Mr Andrew Stead, from Colne 
Valley, maintained that it was 
clear that public opinion be- 
lieved that the time had come to 
bring back capital punishment 


ence would It make, in practical 
terms, to the solidarity of that 
strike if a few believe that they 
should nevertheless work?" he 
said. 

Mr Nlcholls also resisted the 
suggestion from conference rep- 
resentatives that the Govern- 
ment should outlaw union 
closed shops rather than remov- 
ing the legal status some agree- 
ments enjoy under the 1984 
Trade Union Act - the measure 
proposed in the new act 

He said that the Government’s 
three previous trade union acts 
had achieved their aim of in- 
creasing the control individual 
members exercised over their 
unions and helped to transform 
the economic fortunes of the 
country. 

He said: "All the reforms we 


Mr Parkinson said that elec- 
tricity privatisation would fol- 
low the pattern of that of other 
{nationalised industries by al- 
lowing workers a chance to own 
shares in the business. 

The problems of British Tele- 
com were mentioned by several 
delegates as containing a lesson 
for electricity privatisation, but 
Mr Pa rkins on said the main ills 
of the company stemmed from 
its past 

"The problems we are talking 
about are not new ones that 
have been created by privatisa- 
tion, fer from it they are the lin- 
gering legacies of nationalisa- 
tion," he said. 

Mr Parkinson mocked the La- 
bour Party for trying to mimic 
Conservative policy on privatis- 
ation and wider share owner- 



pa pr fchwwr rfttttrtrfty not to be sold off as ‘oae vast PoaofltMc 
corpor a tion’ 


ship as "popular capitalism mis- 
were grounded not In doctri- understood," in which the party 

l^nor.dconvicfiOB. 

that approach winch convinces 
us again now that still farther 
reforms are necessary.” 

Individual trade unionists 
would be given the right under 
the bill to stop their unions call- 
ing a strike without first bolding 
a ballot, and a Commissioner 


He said: "Some of the com- 
rades now reckon that a little 
bit of share ownership could be 
a backdoor way to hand more 
power to trade union bosses. To 
some others, it is merely a cyni- 
cal opportunity to swap princi- 
ples for deputy leadership 
votes." 

Mr Parkinson received a pro- 
longed standing ovation at the 
end of his speech on a motion 
congratulating the Government 
on its privatisation programme 
and seeking fiirther expansion 
of the programme. 

Several delegates called for 
the regional electricity boards 
to be sold off separately, and 
one suggested that groups of 
power stations or individual 


stations could be auctioned off 
to tbe private sector. 

The mover of the motion, Mr 
Donald Port (Woking), said that 
the Government's aim should be 
ultimately to privatise all the 
nationalised industries and the 
onus should be put on them to 
justify why they should not be 
sold off 

Mr Ian Martin, a Shell Petro- 
leum employee, said that other 
companies should be allowed 
access to the national grid to 
compete with regional electrici- 
ty boards after privatisation. 

Mr Parkinson should prevent 
another public monopoly sim- 
ply becoming a private one, he 
said. 


Walker’s vision of new Athens 


Baker claims unity of views with PM 


MR KENNETH BAKER. 

ry. said 


the 


Education Secretary, said yes- 
terday that he and the Prime 
Minister were united in their 
determination to drive through 
changes In the state education 
system. 

Only one strong dissenting 
voice was raised in the debate 
on education in which the Gov- 
ernment had been urged to 
press on with its controversial 
election platform for the sector. 
Mr Baker gave a well-received 
speech outlining his proposals 
which include a national core 
curriculum, the right of schools 
to opt out of local education au- 
thority control and the confer- 
ring on head teachers and 
school governors and further 
education colleges of control 
over their own budgets. 

He said there were some in 
the education establishment 
who refused to accept the new 
proposals. "I have to say to these 
people that we will not tolerate 
a moment longer the smug com- 
placency of too many education- 
alists who have left our national 
educational performance limp- 
ing behind that of our industrial 
competitors. 

“The world around Britain is 
not going to stand still while we 
have leisurely debates and tink- 
er with the margins of our edu- 
cation system, Mr Baker said. 
He had no intention of changing 
the manifesto commitments. "I 
will only consider proposals 



detemteed to coottne school refunds 


which enhance and compliment 
them,” be said. 

He added: "I have put my 
hand to the plough of education 
reform and I will carry through 
to the end of the forrow." Mr 
Baker sought to allay fears ex- 
pressed by some speakers dur- 
ing the debate about the threat 
to some subjects under his pro- 
posals. 

He confirmed that religious, 
education, for example, was 


guaranteed in the 1944 Educa- 
tion Act In addition emphasis 
on mathematics, Ungiiab and 
science would leave time for 
other subjects such as a second 
foreign language and classics. 

Dr David Mnffet (Mid Worces- 
tershire), chairman of Hereford 
and Worcester education com- 
mittee, was the only speaker to 
attack the proposals. He said 
that however desirable the poli- 
cies as set out In the manifesto 


and ' consultation documents, 
they would prove ill-advised 
and unworkable in practice: 

Drawing on the experience of 
Tory-controlled education au- 
thorities, he spoke of the excel- 
lence achieved in many schools. 
Referring to Labour authorities 
such as Brent, Haringay and 
Ealing he said: "Do not demol- 
ish the house to get even with 
the Philistines. 

"Our greatest fear is if Mr Bak- 
er is not deterred from the path 
his advisers have set him, the 
result will be immense and last- 
ing damage will be done to the 
millions of children in our care 
and the political consequences 
will be far-reaching.” 

Mrs Margaret Howe (Nor- 
thumbria), in a less blunt criti- 
cism, said she needed more re- 
assurance over opting out of 
schools. Other speakers, howev- 
er, endorsed the Education Sec- 
retary’s plans. Mr Alok Sharma 
(Wokingham) described the 
posafe as "bold and 
.tive." 

Mr Kevin Johnson (East- 
bourne) spoke of the need to 
meet the needs of those chil- 
dren who left school with no for- 
mal qualifications. 

Mr Mark Bishop (Cynon Vall- 
ey) asked why Britain only pro- 
duced half as many engineers 
as France and a quarter of 
those in Japan. He criticised 
the emphasis on the arts in 
school* 



PaSkkNicbofe: freed critfdna 

for Union Members would be 
appointed to help members en- 

Mr Nlcholls stressecPthat the 
commissioner would only be 
able to take up complaints from 
individual trade union mem- 
bers and would not be allowed 
to act independently in the 
manner of a "Commissioner for 
Trades Union Harassment." 

The bill would also include 
measures to enforce periodic 
re-election for key union oEfi- 


A NEW ten of "participating, 

caring capitalism" promoted by 

tbe spread of share and proper- 
ty ownership may be seen in 
Britain tar the end of the centu- 
ry, Mr Peter Walker, Welsh 
Se cre t ar y, told a fringe neet- 
lag. 

Mr Walker, a leading moder- 
ate voice within the Cabinet, 
said Out economic growth was 
giving the country a chance to 
become "On Athens without the 
slaves, and indeed an Athens 
•mad by the Athenians.” 

His speech contained a 
broad appeal to the Conserva- 
tive Party not to neglect its tra- 
dition as a one-nation party 
which made e ffo rt s to amelio- 
rate tee Want effects of lais- 
sez-faire liberal capitalism on 
ordinary people. 

Mr Walker, addressing a 
meeting organ! nod by the Tory 
Reform Group, proposed a 
number of ideas to widen prop- 
erty ownership, encourage 
small business and eradicate 
poverty in older industrial ar- 

He also called on the the 
Conservatives to add to the 
number of schemes In which 
pnblie sector fending was used 
to rejuvenate derelict areas of 
industrial towns to make 


“IX— -v- ;I 



Peter Water: virion of fotnre 
more attractive to private busi- 


Mr Walker, who Is president 
of the Tory Reform Group, the 
leading left-wing pressure 
group within the Conservative 
Party, said that the Govern- 
ment had to create the condi- 
tions for wtdescale Inward in- 
vestment in British Industry. 

The Government could stim- 
ulate a society in which there 


was fer wider ownership of 

■Imt — homwi hy * wrniilw 

of small measures as well as an 
overall commitment to creat- 
ing the conditions for private 
sector investment- 

On council housing; be said 
tbe Government should allow 
ownership," under 
i which sons and daughters 
IwnU be allowed to buy homes 
ion behalf of their tenant par- 
ents, in order to stimulate new 
transfers. 

On tax reform, he suggested 
that managerial skills con M be 
■rewarded better by changing 
tax law to let com p anies make 
tax-free lamp suit payments to 
managers offer some years of 
-_V»f :t*Me Service, - 

On small badness Invest- 
ment, he said tfitt a register of 
investment needs of local com- 
panies could be set op In each 
town to allow individual savers 
a chance to make profits while 
sapporting their own conunu- 

Mr Walker said public sector 
investment was “absolutely es- 
sential* to ensure that schemes 
such as the redevelopment of 
the Cardiff Bay area worked 
because it was a precondition 
■for private business devdop- 
•ment 


Aid ‘ mix es interest and obligation’ 


BRITAIN’S overseas aid pro- 
gramme represents "a marriage 
of national interest and global 
obligation," Mr Chris Patten, the 


cere, ensure the use of indepen- 


Fresh ideas studied oyer housing 


RADICAL sew ideas such as 
transferable discounts into the 
private sector for tenants who 
do not wish to exercise tbe right 
to buy a council home are being 
examined, Mr William W aide- 
grave. the Minister for Housing 
and Planning said yesterday. 

Mr Wal degrave was replying 
to a debate in which the Govern-' 


ment was urged to review the. 'the homeless?" 


solve the problems of families 
in bed and breakfast accommo- 
dation and for young people. 

But other ideas were also be- 
ing canvassed. He said: "By 
what right do the Camdens and. 
the rest of them keep good pub- 
licly-owned houses out of the 
hands of organisations that 
would put them back to work for 


Rent Acts, currently being stud- 
ied in the bousing white paper 
published last week. 

Mr Waldegrave, in discussing 
the problems of housing short- 
ages, said the awakening of the 
rented sector would help to 


"What about George Yt 
ideas for a transferable 
count for those in council hous- 
es who don’t need or want to be, 
who might happily hand over a 
□ator house to a homeless fami- 
ly if we helped them into owner 


occupation elsewhere?" 

Several speakers had ex- 
pressed some concern over gov- 
ernment proposals for privately 
rented housing. Mrs Shreela 
Flather (Windsor and Maiden- 
head) predicted higher rents In 
bousing association homes be- 
cause of the requirement to 
raise up to 50 per cent of their 
capital on the money markets. 

She said: "The running down 
of the housing benefit is grow- 
ing apace at the same time as 
there will be higher rents. Lots 
of people will be trapped fay 
this, including the elderly." 

Mrs Maggie Punyer (Lewis* 


ham Deptford) in discussing the 
issue of housing benefit sug- 
gested that it should be trans- 
ferred from the Department of 
Health and Social Security to 
the Department of the Environ- 
ment to stop the problem of 
spiralling rents not being met 
On mortgage tax relief Mr 
Nick Robinson, national chair- 
man of the Young Conserva- 
tives. said: "We have to ask 
whether the massive subsidy to 
homeowners through mortgage 
relief is a sensible way of using 
public money and which assists 
spiralling house costs in the 
south-east" 


dently supervised secret ballot 
in union elections, and prevent 
the misuse of union fends. 

He said that unions had to 
fece "some pretty hard truths" 
and praised Mr Bill Jordan, 
president of the Amalgamated 
Engineering Union, for saying 
"so graphically and so coura- 
geously that the unions must 
break out of the iron grip of 
their own history." 

Several delegates voiced mut- 
ed doubts about the limit on dis- 
ciplinary action against non- 
strikers during the debate on a 
motion supporting the Govern- 
ment's efforts to ensure a return 
to "industrial democracy." 

The mover of the 
Chris Greaves 
for the outlawing 
shop and added: "In all honour, 
a man should follow a demo- 
cratic decision or he should re- 
sign from hi« union." 

However, the Conservative 
Trades Unionists group, which 
has opposed the provision, kept 
its doubts private during the de- 
bate. Its chairman, Mr Alan 
Paul, said he did not want to 
discuss the "5 per cent" of the 
proposed bill with which his 
group disagreed. 

Another delegate, Mr Ian 
McCann (Enfield North), said 

oppose themeasure. He safdNlf 
you belong to a dub, yon must 
obey the rules of that club." 


ment, argued last night at a 
meeting. 

the Eight Against 
World Poverty meeting, Mr Fat- 
ten said it was bogus to suggest 
there was a tension between al- 
legedly hard-headed pursuit of 
national interest and romantic 

iutomatfenaliBm Hp said that 

on many occasions Britain’s na- 
tional interests would be best 
advanced by international 
agreements and collaboration. 

He argued that Britain’s polit- 
ical and commercial advantage 
was linked with its aid policies. 

Among a number of examples 
he referred to Britain’s support 
for agricultural reform and in- 


ternational debt, where the UK 
had taken initiatives towards 
helping the poorest African 
. countries which were pursuing 
sound economic policies. ' 

Mr Patten also discussed the 
relati on ship between the aid 
programme and British trade 
and industry. He said, however, 
that "bote those who appear to 
want aid to be solely about pur- 
ported commercial advantage 
and those who think that any 
hint of commerialiam is the dev- 
il’s own work, tend to oversim- 


He rejected the view that the 
aid programme should be used 
"as a not-so-hidden subsidy for 
British industry." Similarly he 
dismissed as silly the proposi- 
tions "that tied aid is wicked 
and that using aid to support 
good (rede deals, is a corruption 


■of the aid and development pro- 
cess." 


. Mr Patten said the real issue 
was the purpose and target of 
tied aid and mixed financing 
deals. He said that It depended 
on the nature of the project and 
that there was common ground 
between so-called commercial 
and development lobbies. 

Finally, he said there were 
idealistic and ethical argu- 
ments for aid which reflected 
Britain's international role He 
said that just as at home there 
was a connection between a 
successful market economy and 
a responsible social policy this 
could be achieved abroad too 
and the results would not be 
(marginal. 


ing of tee dosed CAP cost threat to livestock farmers 


CUTTING the cost of the Euro- 
pean Community’s Common Ag- 
ricultural Policy would make an 
impact, on livestock farmers as 
well as cereal growers, Mr John 
MacGregor, tee Agriculture 
Minister, warned the confer- 
ence. 


continuing need for restraint in 
spending on agriculture. No 
more than a dozen hands dis- 
puted his case at the end of a 
tranquil debate on forming and 
the countryside. 


asider scheme attractive to the 
large-scale cereal growers. 

This is expected to set a mini- 
mum qualifying standard but 
the minister did not comment 

He confirmed T ttat ap to 20 jE“ r *S 

fi canon in land use to ensure ■ ■ 

the continuing 


per cent of the land currently 
used for cereals needed to be 
taken out of production for five 
years and envisaged increased 
pressure on the financial re- 
turns for the non-arable sector 
through changes In the present 

sbeepmeat regime. 

Mr MacGregor welcomed the 
conference acceptance of the 


_ prosperity of 

Britain s rural areas. 

Mr MacGregor made it dear 
later that the Government 
would soon publish its consul- 
tative document on the range of 
options - in addition to a return 
to following -through which it is 
hoped to launch a voluntary "set 


acres and above. 

Mr MacGregor looked to the 
development of non-agri cultur- 
al enterprises, perhaps linked 
to tourism and recreational use, 
and acknowledged that many 
farmers would be keen to man- 
land for conservation 

•ssssssssiti* 


Strong meat on the menu as Monday Clubbers scent Hurd 


VEGETARIAN Society chose yesterday to 
hold a conference fringe meeting to out- 
line a Conservative nutrition policy. It was 
not very good timing on a day when the 
capital punishment carnivores of the Toiy 
Party were in full cry after the blood of 
Douglas Hurd, our amiable and civilised 
Home Secretary. 

Even before the main debate on law and 
order got under way the pack was given 
his scent at a crowded meeting of tbe 
right-wing Monday Club where his alleged 
failings and backslidings were listed. 

In this viscera] atmosphere the audence 
recoiled in horror as a future of "Chicago- 
style" murder, violence, rape, mugging, 
burglary and unbridled anarchy was pre- 


dicted unless the ^Government changes its 
"soft" policies. 

Realising from past experience that 
MPs are likely to vote down a return of the 
rope, the Monday Club is now demanding 
a referendum on the subject The House of 
Commons had voted against capital pun- 
ishment (cries of'Shame"). The pnblie had 
been told they could not have a referen- 
dum on the subject (Indignant shouts of 
"Why not?") 

A speech by that well-known Tory popu- 
list Teddy Taylor, MP for Southend East, 
was punctuated by thunderous applause 
when he declared: The people have been 
squeezed out of this debate and their 
views count for nothing." 


The Monday Clobbers were told that Mr 
Hurd might be waHng a "startling an- 
nouncement* during the debate. But they 
were disappointed. The only shock for 
them came from Dame Joan Seccombe,* 
chairman of of the conference, who sprang 
a sudden change of plan that bore the 
hallmarks of classic Tory Party manage- 
ment 

Two amendments - or "addendums" as 
Conservatives politely term them - ap- 
peared oil the agenda calling for the re- 
turn of the death penalty. Bat, lo and be- 
hold, they were spirited away at the last 
moment and replaced by a compromise 
amendment recognising the deep public 
concern on the issue but suggesting that. 


the matter should be considered again by 
parliament 

Many delegates docilely cheered this 
decision presumably not realising that it 
was an almost certain recipe for dumping 
the issue in the parliamentary dustbin. 

Mr Hurd looked nervous as he came on 
to the platform with Mrs Thatcher. Howev- 
er, it turned out that he had little to fear. 
These debates are no longer quite as 
bloodthirsty as in bygone days when excit- 
able representatives offered to do the 
hangman’s job themselves and screamed 
for the return of the cat o' nine 

Al though there were some vitriolic 
noises from the hall during tee debate the 
issue seemed to get lost much of the- time 


as speakers wittered on about neighbour- 
hood watch schemes, the duty of citizens 
to lock the front door and never to leave 
the ignition key in the car. 

There was some heckling during Hr 
Hurd’s speech bat it seemed outweighed 
by applause. He managed to avoid the 
knifes intended for his own back by prom- 
ising a crackdown on knives and other of- 
fensive weapons carried about the person. 

Once ag a in there was no standing ov- 
ation for Mr Hurd and Mrs Thatcher, 
boated Beside him, only clapped politely. 
But Lord Whitelaw, who underwent simi- 
lar conference ordeals when he was Home 
Secretary, sympathetically led Mr Hurd 
from the piriform with his ana round his 


shoulder. 

«sS!X».^ss^ssia*= 


ttolitSii M ParklnsaQ ratarned from the 

.JOHN HUNT 


13 


Financial Times Thursday October 8 1987 



So why hasn’t your agency recommended Anglia? 





























14 


MANAGEMENT: Marketing and Advertising 


Financial Times Thursday October 8 !$87 


Polishing up a 
tarnished image 

Nick Garnett comments on British Steel's current campaign 


SHORTLY AFTER Ian MacGregor took 
over as chairman of the British Steel 
Corporation more than seven years 
ago, the first of many aim messages 
rolled off the presses of the corpora- 
tion's internal communications ma- 
chine. 

The first, and the ugliest, emerged on 
December 15 1980. ''Survival'' was the 
headline, as MacGregor told his audi- 
ence that one of Europe’s biggest in- 
dustrial problems was losing money at 
the rate of £30 a second. Things had to 
change quickly or the corporation 
would go under completely. 

It Is a sign of the times, in more ways 
than one, that the corporation is now 
assaulting the senses of a much wider 
public with an altogether different 
message. 

Television viewers, rail commuters 
and motorists have been seeing a much 
more confident, almost boastful corpo- 
ration during the past two weeks. 

A rash of TV commercials and bill- 
board posters proclaiming the health 
of the business is part of the corpora- 
tion's drive to jack up its still-shaky im- 
age to the level it feels is justified by its 
improved profitability and technical 
capability. 

The most vivid example is the *ln 
Shape for Things to Come” TV commer- 
cial. British Steel, in the guise of an 
actor wearing heavy working boots, 
clumps into a gym. Pumping iron in a 
sweaty frenzy he -watches his paunch 
slowly contract ”We’ve made ourselves 
leaner and tougher and more flexible “ 
says the voice-over. "It hasn't always 
been easy. But the results have been 
dramatic.” 

The campaign, which is costing sever- 
al millions of pounds in the first yea 
alone, is very much the creature ofBol 
Scholey, the present chairman, and of 
David Grieves, the corporation's man- 
aging director responsible for person- 
nel and social policy. Announcing 
recently last year’s bottom line profit 
of £178m - only the second alter ten 
years of chronic loss making - Scholey 
bemoaned the feet that people still 
thought of British Steel as a “bro- 
ken-down outfit” 

"Our image is still tarnished by years cal performance. 


of huge losses,” the corporation said 
this week. "Our image is stubborn 
fixed in the public mind and it wi 
take some shifting. 1 ' 


recruiting the best university gradu- 
ates. ”Xt has been very difficult to get 
high dyers interested in us at alL we 
have often had the also-rans after the 
oil companies and the City have taken 
their pick." It is attracting people of the 
right calibre now, the corporation hast- 
ily adds. 

However, there is also the small mat- 
ter of privatisation pencilled in for 
1989 ana enthusiastically supported by 
Scholey. The corporation says the cam- 
paign would have run even without tli« 
issue, a point readily accepted by John 
Safford, director general of the Iron 
and Steel Consumers Council, who 
thinks the campaign is broadly a good 
thing. 

British Steel, though has at least one 
eye on its future emergence from state 
control. Dewe Rogeraon, the financial 
public relations and advertising com- 
pany which has handled a lot of recent 
flotation work, including that for Brit- 
ish Telecom, the Trustee Savings Bank 
and BP, has been helping the corpora- 
tion It designed the commercials and 
the posters; the one at Waterloo station 
is shown here. 

The campaign, which also includes 
newspaper ads, a glossy 18 -page bro- 
chure and fact sheets for employees’ 
families and MPs, does not include too 
much, though, about the headaches and 
uncertainties still surrounding the cor- 
poration. 

: year British Steel, as its ad programme 
f Bob proclaims, is pretty well at the top of 
nd of the European steel tree when it comes 
to making money. But its gross operat- 
ing profits as a percentage of turnover 
are not as high as that of some compa- 
nies and not enough to cover deprecia- 
tion. debt charges and re-equipment 
The feture of the big Ra venae raig 
plant in Scotland has still to be decid- 
ed and the corporation is behind some 
of its European competitors in techni- 
The EC quota and 





' \ . v 1 J ’C'-,' *.*•’* y 


price regime which defines much of the 
behaviour of European steel makers is 
also in the melting pot at a time when 
the corporation, struggling to supply 
some types of steel within three months 
of ordering, is desperately short of quo- 
ta. 

Nor, not surprisingly, do the adverts 
dwell on the terrible human cost 
profitability has brought in its wake. 
Some 80,000 corporation employees 
lost their jobs daring the holocaust of 
shutdowns and demanning since 1960 
while another 30,000 people were 
switched to private sector companies 


as part of the industry’s rationalisa- 
tion. 


met with rueftil smiles and some pretty 
caustic comments: 

Still, the corporation will announce 
next month half yearly profit figures 
well up on last year’s record perfor- 
mance A business losing more than 
£lbn a year not so long ago and which 
was as much a music nail joke as the 
old British. Leyland feels it has every 
right now to shout about its successes. 




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121 FLEET STREET. LONDON EC4P 4JT 


Telephone: 01-353 8000 

Telex No. 21841 

Cable Address The Star London 


Dear Advertiser, 

There's been a lot of talk recently about The Star. 
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MICHAEL MOORE 
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Design consultancy 


A linking of like minds 

Feona McEwan reports on Coley Porter Bell’s new chairman 


IN WHAT 15 believed to be the 
first example of a lading indus- 
trialist making suck a commit* 
meat, Derek Hornby, chairman 
of Bank Xerox UK, is to become 
chairman of a dMtp. consultan- 
cy. Hornby will join Coley Farter 
BeD, a bright young consultancy 
In London’s Caveat Garden, 
which specialises in creating 
identities for companies, prod* 
nets and brands. clients 

include Marks and Spencer, 
Boots, Costaln, Arthur Ander- 
•sen, General Accident, British 
Bakeries and United Biscuits. 

The appointment comes on the 
same day that the Design Coas- 
cO, in the first official measure* 
meat of the Industry's rise, re- 
ports that the derign business is 
worth £Llbn a year - substantial- 
ly higher than many previous es- 
timates (see behnrL 
■ Hornby brings more than a 
weakness for striped shirts to his 
new (non-exeentive) role. ”My 
main concern is that design 
should become a senior manage- 
ment issue,” be says. “I hope that 
I by example can help to get the 
ball rolling.” 

As head of a co mpany that re- 
cently undertook a complete 
overhaul "top to bottom* of its 
modus operand! in a bid to meet 
mounting competition from the 
design-literate Japanese, he has 
learnt the hard way the critical 
value of design awareness. 

Admitting to once holding the 
view that corporate identity was 
little more than letterheading 



Dank Hornby; an example 

and logos, Hornby Is now a com- 
mitted believer. The Rank Xerox 
restructuring programme, 
which be «*»■> ”a complete cul- 
tural change,” convinced him. 

*We learned that people buy on 
value not on price. It’s no good 
producing the cheapest most ef- 
fective product if the after-sales 
service is awftaL the customer is 
not invoiced correctly, the sales 
department is slack when an- 
swering the phone and/or the ad- 


vertising is ■ mess, hr says, . 

Indeed, it is this cumaUtee&i 
that attracted the eight-yevdd 
Coley Porter Bell. Which has 
grown rapidly, increasing tore- 
over from £165,600 in 1983 to an 
estimated tZSSa, for X98T. The 
consultancy approached Hornby 
at the beginning of this }W af. 
ter Bank Xerox US bad won the 
1986 British Quality Award, 
healing IBM and Jaguar, it was 
eight months before Hornby ac- 
cepted. Be did so, he says, be- 
cause "the more we talked the 
mure I realised that we were re- 
ally thinkin g along the same 
lines.” 

Hornby is no stranger to right 
angle turns in his career. la the 
196Ss be spent three "won d cr fb l*- 
years as administrative director 
of the Royal Shakespeare Compa- 
ny, "the last year of Peter Hall 
and the first two of Trevor 
Nunn." Hornby says that with 
Coley Porter Bell be wasn’t 
looking for a walk-on role. *1 
thought it would be useful to 
have as a member of their board 
someone who has used a design 
product (not theirs) and wba’d 
become very aware of the need 
for companies to maintain a con- 
sistent image to the world both 
internally and externally.” 

Companies in the UK are wak- 
ing np to this slowly; Hornby ia- 
also on the board of British Bail 
which has recently undertaken 
an overhaal of its design pro- 
gramme under Jane Priestmau - 
but ‘we’ve a long way to go.” 


Now design hits a billion 

Feona McEwan reports on the findings of a UK survey 


ONE THING the blossoming 
British design industry has 
sorely lacked in all the eupho- 
ria of being fashionable is facts 
and figures. Despite the public 
gaze emanating from the gov- 
ernment, the City and industry, 
no. one knew its size, its worth, 
or its clout, though many have 
guessed. 

No more. With the publica- 
tion this week of the first 
full-scale survey of British de- 
sign consultancy there are facts 
galore to give a much-needed 
handle to this burgeoning and 
influential young industry. 
There are surprises, too. 

The picture that emerges is of 
an industry in the pink. Growing 
fast, extending its skills, caring 
for its own. Design Is one of the 
most dynamic industries in the 
economy, concludes journalist 
Beryl McAlhone. who conduct- 
ed the survey. In many ways, it 
displays certain unlikely 
Thatcherite tendencies. It is en- 
trepreneurial. offering high re- 
wards to achievers, at ease with 
change. 

Already - and this is perhaps 
the main surprise - the design 
consultancy business, though 
still a babe, is a billion pound 
industry. This is virtually dou- 
ble previous estimates. UK de- 
sign consultancy was worth 
around £Llbn In 1985/86, with 
profits of around £155m. 

Turnover has trebled in the 
five years from 1980 to 1985 and 
profits more than trebled in the 
same period. Exports in 1987 
are estimated to be £l75m. Staff 
levels this year amount to 29,600 
people distributed throughout 
2,726 consultancies. 

Questionnaires were sent to 
452 design consultancies cover- 
ing product design/engineering 
design; fashion/textile design; 
interior design and graphic de- 
sign. 

Engineering as a separate 


consultancy discipline was not 
included. Consultancies can- 
vassed ranged in size from be- 
tween one and five employees 
to over 100. Of these, 211 ques- 
tionnaires were returned, 
which represented a 47 percent 
response rate. 

McAlhone points out some 
salutary figures in her introduc- 
tion which charts the rise of de- 
sign visibility since 1962. 
Britain has experienced a drop 
in its share of world trade from 
25 per cent in 1950 to 9 per cent 
in 1981, with each 2 per cent 
reckoned by the Department of 
Trade and Industry to be worth 
250JJ00 jobs. “Good reason for 
the British establishment to 
take design on board.” she says; 
it would generate more prod- 
ucts for export, and at the same 
time create jobs. 

McAlhone cites as examples 
of the industry’s raised profile 
the Government's Downing 
Street seminars oh design, (in 
1982, and then again in January 
this year), its Support for De- 
sign scheme of subsidised con- 
sultancy for small and medium 
sized companies, and growing 
City interest 

Design companies, she points 
out are now desirable acquisi- 
tions, as the fast expanding 
marketing services groups WPP 
(now possessor of at least six) 
and WCRS (with at least two in 
its stable) have shown. 

And with more of the same 
projected it is no surprise that 
for companies on the acquisi- 
.tion trail, consultancies are 
seen as a good buy, she says. If 
growth Is maintained at last 
year's rate when it grew by 19 
per cent, estimated turnover in 
1987 will be £L7bn and esti- 
mated profits £265 m. 

Further evidence of the busi- 
ness community's fascination 
with design is seen with the 
adoption by the Financial 


Times and the London Business 
School of the Design Manage- 
ment Awards, previously run by 
the Royal Society of Arts. 

In terms of growth, the design 
co mmunity is highly fertile. Of 
the 211 surveyed companies,, 
half were founded In the 2980s 
and only 39 per cent are more 
than 10 years old. 

Firms with the largest share 
of the design market are interi- 
or and exhibition design which 
contributed a third of the 1985 
turnover. Graphics and- engi- 
neering design both con tribu te 
about a fifth and the -multi-dis- 
ciplinary and product design 
firms about a tenth. The band- 
ful of large firms carve up near- 
ly half the market, with the myr- 
iad tiny firms netting about a 
fifth. 

A study of users of design con- 
sultancies reveal* that the pro- 
fessions fay and large axe getting 
the message and the public Sec- 
tor is not • 

The three best sources of inte- 
rior design work are the profes- 
sions, the leisure industry. and 
retailing. For graphics, they are 
food, and drink manufacture, 
consumer products manufac- 
ture, and financial services. For 
multi-disciplinary design 
groups, the same six sectors ap- 
ply pins computers and office 
equipment 

On the export front, consul- 
tancies show themselves to be 
decidedly active. Some 73 per 
cent of them had done work 
abroad, with 58 per cent report- 
ing a foreign element , in their 
current turnover. The favourite 
country is the US, followed by 
France, West Germany, the Mid- 
dle East and Benelux. . 

•British Design Consultancy. 
Anatomy af a BSUon Ptnmd In- 
dustry, by Beryl McAlhone, is pub- 
lished by the Design Conn ed , 28 
Haymarket, London SWIY 4SU. 
£25ptus£Lp + p. 


American Express 


Hoping to do even more nicely 


A PLASTIC CARD is a plastic 
card, one much like another to 
the average punter. So carving a 
niche in the UK’s crowded cut- 
throat jungle of flexible” fi- 
nance is demanding increasing 
ingenuity. 

Visa and Access have been 
pushing up-market and vigor- 
ously pursuing fresh members; 
others like the TSB are newly 
arrived in the fray. American 
Express, which has concen- 
trated on the top end of the mar- 
ket is therefore under greater 
pressure to find growth in new 
areas. This week it unleashes 
its next promotional phase with 
the launch of a multimillion 
dollar television advertising 
campaign aimed at attracting 
new cardholders as well as en- 
couraging existing holders to 
use the range of services it of- 
fers. 

Ames may cost more to use, 
have fewer members and fewer 
outlets than its competitors, but 
one /hing it professes to know a 
thing or two about, and which 
forms the basis of the new cam- 
paign, is service. 

Take the couple who went to 
Nice for a weekend, for exam- 
ple. There they were asleep In 
bed, not a stitch on. when an in- 
truder came to call and hot- 
footed off with their all - car, - 
baggage and Annex card to boot 
The concierge’s main concern 
was how they would pay for any- 
thing. Allowed one telephone 
call, they rang their UK bank 
maiwgftr who told the dis- 
tressed pair that he could do 
nothing til Monday; what did 
they expect .him to do? The 
woman then tried a long shot, A 
plea for just one more - local - 


BY FEONA MCEWAN 

call enabled her to contact the 
nearby Amex office. 

An hour after confirming that 
the couple were indeed bona 
fide t he Amex representative 
arrived with bank-notes in 
band. 

Amex takes the service ethic 
seriously, in good American tra- 
dition. Three years ago, many of 
Its UK employees f there are 
&500 In total) underwent a staff 
tra in i ng exercise like the Brit- 
ish Airways “patting people 
first? effort, with “We’re here to 
help” promotions alongside con- 
tinuing incentives like the Best 
Perform er of the Year Award. A 
programme of staff updates is 
currently under way. 

'We’ve realised that our cus- 
tomer service is our biggest 
point of difference, * main tains 
Jobb Peterson, Amex’s vice 
president and commercial di- 
rector, Travel Related Services 
UK,’_ anywhere in the world, 24 
hours a day. It’s so patently ob- 
vious it’s a wonder we didn’t do 
this before,” he says of the cam- 
paign which focuses on what he 
calls the •privileges” of being an 
Amex member. 

The fact that competitors like 
Visa, Access, and the TSB, are, 
in contrast, pushing the cover- 
age factor in their promotions 
has not escaped Peterson. -Cov- 
erage is only relevant when you 
need it and you can’t have it,” he 
says, by way of explaining 
Amex’s more limited exposure. 
“What we are looking for is rele- 
vant coverage. We're looking at 
everything else that goes with 
being an Amex cardholder.” 

The company makes no bones 
about its high ground position- 
ing. “We’re a premium product 
at a premium price offering pre- 


mium service,” maintains Peter- 
son. Amex may be chasing new 
members - but they will be qual- 
ity members, professional peo- 
ple, that sort of thing. And quan- 
tity is apparently not what . it’s 
about “We're not looking to 
have as many members as .oth- 
ers." Access and Visa have 
about 10m customers apiece; 
Amex has im in the UK. 

Hence the theme of the cam- 
paign - “Membership has its 
privileges.” It shows someone 
reporting a lost card and being 
promised an instant replace-, 
pent, buying a bike and taking 
instant delivery, arriving late in 
a hotel but still in time through ■ 
Uie assured booking procedure.' 
All service delivered with the 
familar 100-watt smile of the 
"that’ll do nicely” variety. As; if 
to prove the point, individuals . 
playing the Amex staff role in 
the ads are real. 

- n ® w campaign, by Ogihy 
and Mather, is a continuation Of 
the do you know me” ads featur- 
ing famous faces which has 
been running in different 
guises for some years around 
the world. It is also a continuing 
move away from the rut Amex 
onglnally dug itself into when 
userS r2 a ^ stereotyped im- 
age of being international busi- 
nessmen travellers and uptake 
was smaJL as Petera0a 

- I'm not an inter- 
national traveller, Tm not in 
busmesa and Tm not a man. We 
w cre hoist by our own petard." 

toSt« : ; Ca “ lpa . lgn global, ; OB-- 
“*™ lon only, with individual 
taU °™« it to their 
own audiences. Already it has 
i2 e US *”* Canada- and 


* * 


& 


f, 


<*J 





Financial Times Thursday October 8 1987 


15 



Is the above one of the reasons they gave you? 


Could it be youVe been given the wrong picture of Anglia? For more information ring Malcolm Wall on 01-408 2288. 


































FINANCE DIRECTOR 

Suffolk c£30,000 

car + benefits 

This is an exceptional opportunity for a very experienced financial 
professional looking for top level management responsibility. 

The Vinten Group pic, a highly successful and profitable £30 million 
organisation with an excellent worldwide reputation in specialist 
engineering markets is currently entering a period of major planned 
growth and development. 

As a director of W Vinten Limited, reporting to its Managing Director, 
the successful candidate will head up the finance function, manage 
the installation of a new MIS system across the entire range of 
business activities with full control of all budgeting, management and 
accounting systems, as well as contributing to the strategic planning 
and direction of an already rapidly growing and successful company. 

Candidates should be qualified accountants aged 35-45 who can 
demonstrate a record of achievement within a manufacturing 
company environment. They must be commercially orientated with a 
hands-on approach, energetic, assertive and have good 
inter-personal skills. 

The benefits package reflects the strategic importance of the position 
and includes a fully funded executive car, family BUPA and 
relocation assistance to a highly attractive, accessible part of Suffolk. 

In the first instant, please telephone 01 353 1577 
or write in confidence (quoting reference F7149) to: 

Edward Ross-McNaim, Clark Whitehill Consultants, 

£> 25 New Street Square, London EC4A 3LN. 

m Clark Whitehill Consultants 

Executive Selection 



Group Accountant 

... an international opportunity 
$ 40-50,000 US Belgium 

Our client is an international organisation principally concerned with tobacco and 
commodity trading and shipping. The Group has expanded impressively since it 
was established eleven years ago and turnover is now around SI 70m. 

An opportunity has arisen for a high calibre qualified accountant to join this 
ambitious team at the head office in Antwerp reporting to the Group Managing 
Director with a brief to co-ordinate all accounting functions worldwide. 

Aged 28-40. It is likely that your qualifications will be based on the British system 
and equivalent to ACA In addition you will have gained several years' commercial 
experience preferably with exposure to international companies. Personal qualities 
will include ambition and assertiveness with above average energy . and 
commitment 

Prospects for career advancement are excellent 

If you consider that you have the necessary qualities, please write -iirconfidence— 
to Nigel Bates. fCA ref. B. 340 12. •• - 

MSL International (UK) Ltd., 52 Grosvenor Gardens, London SW1W 0AW. 

Offices in Europe, the Americas, Australasia and Asia Pactfk. 

; * f 

U.WUML- 

M5L International 


FINANCE DIRECTOR DESIGNATE^ 


Bath 


c£28.000 + Car 


Our client is a substantial and fast expanding engineering 
group which now seeks a Finance Director Designate for its 
major subsidiary. 

Responsibilities coverall aspects of financial control and 
reporting, including the development of management information 
systems relevant to a manufacturing environment as well as a 
significant commercial role in the company's development 

The successful candidate will be a qualified accountant 
aged 30-35 and is likely to have a strong shop-floor background 
including standard and contract costing systems. They will also 
have the ability to communicate well at alt levels. 

Please reply in confidence with a comprehensive 
curriculum vitae including details of current earnings and a 
daytime telephone number to D. E. Shribman. 


THE COMPLETE FINANCIAL SELECTION SERVICE 

Vernon House, Sicilian Avenue, London WC1 A 2QH.Tel: 01 -831 2323 




UK CONTROLLER 


Berkshire 


£25K+f.e.car 


Our client, have established themselves as one of the most dynamic and 
successful US corporations in the computer systems market of the 80's. 

Their future growth relies on the new appointment of a Controller who will be 
responsible for the UK operations, and whose duties will include the 
management accounting for Europe; budgetting, forecasting, treasury, audit and 
UK tax matters. You will be a qualified Accountant aged between 27-33 with 
experience of implementing systems to further develop the accounting function; 
have the ability to communicate with all levels of management especially within 
the technical area. Experience within a distribution environment would be a 
distinct advantage. 

If interested in the above please telephone Andrew Fowler 
or Brett Melbourne <0753) 854256 or send your CV to: 

51 High Street, Eton, Windsor, Berks SL4 6BL 



IT Consultancy Director 

Insurance 

Systems 


City of London 


Substantial Rewards 


WO are acting for one of the world's leading firms of accountants aid management 
consultants which has a name synonymous with prestige services in aB Industry sectors. 
The Financial Services Information Technology Group has a high reputation amongst 
Banking, Insurance and Securities organisations for advising on the application of advanced 
bifbrmation.technology to specific business needs. 

Increased demand for these services . together with ambitious expansion plans, has created 
an opportunity for a senior and highly experienced individual to take up a ley role 
specialising in Insurance Systems Consultancy The successful appointee wffl be given 
considerable authority and responsibility tar building and developing a practice area in 
terms of strategic direction, business development and general management. 

Aged b etwee n 35 ai^ 45, with a degree or pro fe ssi onal q u al ffi ca Mo n, it Is Hkely that you 
are tiokfing currently a senior position In a management consultancy computer 
services company or a progressive insurance organisation. Of prime importance ts an 
in-depth knowledge of insurance, particularly the company market, coupled with a 
substantial track record of Identifying aid deftvaring change in the use of Information 
technology from both the business and technological aspects. Essential attr&xrtes 
are: excehant interpersonal quaBttes; wed developed conc ept u al and str ategic 
thinking ability; plus the dynami sm and strength of purpose needed to conMbuta 
effectively to a fast moving, Wghiy professional consultancy practice. 

This role, is seen as central to the future development of the firmfe Insurance consultancy 
practice and as such, represents an exceptional opportunity far an individuti of the reepasite 
calibre. The seriority and importance of the appointment is reflected in an eweeflent 
remuneration package: it is unHcely that salary wffl be an obstacle to the recruitment of the 
right individual. 

Tb apply in confidence, send a c.u to Jenny Riley at the address belav^ quoting rep 
ST3937 She may also be contacted on 01-629 7594 during office hours or an 
01-6608665 after 830pm and at weekends. 

Sri Barry Latchford Associates Tel: (01) 

1 International Rew ui i o icnt 

" — 10, Sedley Place, Mayfair, London W1R 1HG 629 7594 


Management buy-outs 

Financial modelling executive 

City, c.£30,000+car 



A thrusting and successful international venture capital and management 
buy-out partnership, set up by a prominent British merchant banking group. Is 
looking for an accountant to join a small group of partners and executives 
engaged in evaluating buy-out and venture capital propositions. 

The person appointed will prepare financial models on PCs that wifi cover 
cash flows, balance sheets and P&L accounts with sensitivity analysis 
and interpretation of results as important tasks. The training of junior colleagues 
in financial modelling and the participation in the identification, proposal 
and execution of MBOs as a member of the team will be important features 
ofthejobk 

Qualified accountants experienced in financial model ling with the ap prop ri at e' 
personal qualities of dedication and humour should find the position congenial. 
A salary of C- £30,000 plus car and other benefits will be provided. Send Of 
and daytime telephone number in confidence to Humphrey Sturt quoting 
Ref. HS778. 


Cooj 

irar 
Executive 
Selection 


Coopers & Lybrand 
Executive Section Limited 

Shelley House 3 Noble Street 
London EC2V 7DQ 
01-6061975 


A UNIQUE OPPORTUNITY 

TO JOIN A GROWING MAJOR INDUSTRIAL GROUP IN 
JEDDAH, SAUDI ARABIA AS 

DIRECTOR, FINANCE AND PLANNING 

The Meal candidate will possess an M.ELA. and a C.PJV. or Chartered Accountant as well as ten OO) years of 
progressive financial exerience. He will, most likely, presently be the Chief Corporate Financial Officer for a major 
multi-plant manufacturer. 

The right person will have experience in all facets of Finance and Accounting with special emphasis on establishing 
financial systems and controls in the changeover from manual to automated system;, as well as all forms of financial 
analysis and reporting. 

In addition, the person who takes on this challenging position will be ultimately familiar with international finance and 
bank regulations, internal auditing, cost accounting, capital financing and the treasury function. 

Most importantly, we are looking for someone who is experienced in and defeated to cod control. 

Fluency In Arabic and English fe required. 

We offer an outstanding compensation package InckKfing annual Incentive package, compound living, medical coverage, 
car, etc. 

PLEASE SEND RESUME TO: 

Box A0648, Financial Times , 10, Cannon Street, London EC4P 4BY. 


Personal 
Financial and %x 

Adviser/Administrata 

CENTRAL LONDON 
c.£27,500 + car 

A unique opportunity has arisen fer an excep- 
tional individual to join a financial services 
company which provides personalised finan- 
cial and administrative services for a family 
and its associated trusts. 

The successful applicant will be responsible for 
advising some 400 “clients" on aspects of 
personal and trust taxation, on general finan- 
cial matters, and for ensuring that adequate 
accounting and administration support is 
provided. The position reports to the Chair- 
man and has a staff of four. Addit- 
ional responsibilities include, producing 
financial analysis data for the company's 
Financial Strategy Group, liaising with exter- 
nal professional advisers, and developing the 
existing computerised accounting and 
administration systems. 

The position Is likely to suit a chartered 
accountant or an Inspector of Taxes, in their 
late 30's or 40's who is looking for a long term 
position. Candidates should have substantial 
experience of trust and personal tax work, 
possess excellent interpersonal, manage- 
ment and communication skills, and be moti- 
vated by the high quality of output and client 
satisfaction that this job demands. 

Applications, In writing, giving a full career 
resume and daytime telephone number to 
Mandy Davies, 

ROBSON RHODES 

Chartered Accountants I 

Management Consultancy Division 

186, City Road London EC1V 2NU. 


USA 


SekJman & Sendman, international Accountants, have vacancies 
for audit statf in their New York Gty office 

Theseposltions wffl interest candidates with one to two years’ post 
qualification experience with a loading firm of Chartered- 
Accourtants and who are able to transfer by January 1 1988. 
Positions must be for a minimum of two years. 

Full a ssis t an ce will be provided with visa procedures. 

For further details, please write with full CV and home telephone 
number to: 

Mr Robert A GakJa 
Human Resource Partner 
Seidman & Seidman 
15 Columbus Circle 
New York, New York 1 0023 
USA 



Seidman & Seidman 


FINANCIAL CONTROLLER - WEST AFRICA 


TO -£26,000 TAX FREE + BENEFITS 


The client a UK based project management company, require 
a Quafcfied Accountant {aged 35+) to fulfill a long term contract 
_ re-building a major timber plant tn West Africa- 

Ten years experience of finandal/managenient accounting 
including preparation of budgets and cash flows and a co mmitm en t 
to training of Indigenous personnel are pre- requisites. 

Please send CV^ to cogfldoace. tor- Ken Whoa. 



Ken Wilson Associates, 
CofBpg a wood Ekdkilngs. 
CatHngwood Street 
Newcastle upon Tyne. NE1 1JF. 


ACCOUNTANCY* RECRUITMENT SPECIALISTS 


APPOINTMENTS 

ADVERTISING 


543 

per single column 
centimetre 

Premium positions 
will be charged £52 

per single column 
centimetre 

For further information 
can 01-248 8000 

Tessa Taylor 
ext 3351 

Deidre Venables 
ext 4177 

Paul Mamfglia 
ext 4676 

EHzabeth Rowan 
ext 3456 


International Appointments 


ArthurVbungHongKongispartofanirternatianaJ 

practice with over 200 professional staff. The firm ^ 
business coversa wide rangeof public and private clients 
wjthlnvohrementfornanutertmin& 
property bariWng and cCwronencial serried 

Vacancies exist for quafified Chartered Accountants at 
senior and supervisor level to Join our Audit and Tax 
Departments. Wb welcoma applicants who wish to work 
in Hong Kong on a pe rmanert basis or who would like to 
jointhe firm on an 18-24 month contract In return we offer 
an attractive relocation package comprising: 


-airfare 

- hotel accommodation up to 3 weeks 

- regular salary reviews 

** com prehensive induction programme 
before joining Tax or Audit Departments. 

Audting and Tax sfdlis should write 

Carohrre Wheejer, Personnel Assistant^^^^^ 3 ' 
Arthur Ybung. Rolls House, 7 Rolls BuUdSSjSt 
Lane, London EC4A1NH. T&: 01-831 7130/^ F “ r 


Arthur Young 


▼ 

Experienced Audit & Thx 
Professionals 

Career Opportunities in Hong Kong 


A MEMBER OF ARTHUR YOUNG INTERNATIONAL 




t 


h 




. y> '• 






Financial Times Thursday October 8 1987 


THE ARTS 


National Gallery/David Piper 

A coup of calm authority 

The portrait of Jacobus of the Dutch "Patriot" party trait ia a moat cool image of 
Blauw is the first work by he looked to revolutionary austere refinement, calm yet 
Jacques-Louis David to be France for support, but as the intensely vital. The sitter, 
acquired by a public collection original ardour and ideals in after the frustrating ordeal of 
in Britain, and is, in art-histozi- France became tempered by Ms Paris mission, might well, 


however, has never enforced 
the imagination of the average 
British connoisseur, not gener- 
ally responsive anyway to neo- 
classical painting, and this 
portrait, so cool, steely almost 
in tone and hue, is not one to 
excite immediate attraction- It 
is not spectacular — Anita 
Brookner once wrote of its 
"almost Quakerish simplicity." 

Its gratified subject was not 
alone in holding David, in the 
year it was painted, 1795, as the 
" leading painter in Europe,” 
despite the precarious state of 
his fortunes in Paris at the 
moment. Few in England would 
have agreed with that assess- 
ment (apart from any political 
bias), for Lawrence, assuming 
the mantle of Reynolds, was 
opening up the glamorous 
romantic bravura of his mature 
style, that was to reach spectacu- 
lar climax in the effulgent port- 
raits of the victorious leaders of 
the alliance that hang in the 
Waterloo Chamber at Windsor 
Castle. By then. Napoleon's — 
and David’s — France was 
humbled: Napoleon on St 
Helena, the aged David likewise 
in exile, in Brussels, and the 
Bourbons bad: in Paris. 

“Jacobus Blauw" is, however, 
a portrait of superlative quality 
and calm authority. It is an 
ideal subject for demonstration 
in this kind of exposition, in 
the National Gallery’s series 
" Acquisition in Focus": set 
amongst relative illustrative 
material, but also given space 
in which the spectator can col- 
lect his thoughts, and precisely 
undistracted, focus. It com- 
mands a wall in the Sunley Gal- 
lery, which is painted a Pom- 


ut for two elegant tricolours 
draped aloft (until November 
15). 

Blauw, a Dutchman, was a 
committed radical of the left, a 
republican idealist. Like others 


legendary wealth of Holland 
that interested the French 
rather than the fostering of the 
ideals of revolutionary demo- 
cracy. 

Blauw, with a colleague, 
Caspar Meyer (also painted by 
David), had been entrusted with 
the task of persuading the 
French to agree a magnani- 
mously minimal "price” for 
their successful "liberation" of 
the Netherlands, in key with 
the proclaimed spirit of liberty 
and fraternity. Tim French 
deviously ran rings around 
them, and forced a treaty 
gravely disadvantageous for 
the new "Batavian Republic." 
Blauw was to become a very 
disillusioned man, though he 
remained ever loyal to his 
principles. 

David’s characterisation in- 
deed preserves all the concen- 
tration of a stiil resolutely 
ardent spirit. The composition 
is "dosed,” complete in itself — 
only the sitter’s gaze is else- 
where, directed not quite at the 
onlooker, but intense as if on 
some other, perhaps ideal, 
dimension. Otherwise there is 
no distraction. The hair is 
powdered to near white, but cut 
dose; toe flesh tones almost 
echo its pallor. The linen is 
immaculately but plainly white, 
the sober dark blue of the coat 
complemented by the blue- 
green of the tablecloth. The 
dominance of the head is 
balanced by the quite complex 
group formed by the hands 
with the quill, the white paper, 
ink-pot, stabilised into still-life 
by the strong pink chequer of 
the kerchief beside. 

This still-Life element rewards 


integral though it is: painted 
exquisitely, but without any 
overt display of virtuoso brush- 
work as it might be in an 
English portrait of the period 
— part of the whole. The port- 


"bringmg to life again. 

A portrait lives on In tri- 
partite form: that of the sitter, 
that of the painter, and in the 
reactions of those who see it 
through the years. The beauti- 
fully resolved c om posure here 
can hardly have reflected 
David’s emotional state at the 
time. There is no parallel in 
Engish art-history to David’s 
troubled story. In late 1795 he 
must have felt his career, even 
hu Life, to be still in hazard. 

His revolutionary career had 
reached crisis. He had become 
not only the chief visual propa- 
gandist for the Revolution, but 
an extreme activist politically in 
the Jacobin part played in the 
horror of the Terror, when 
French history seems in hind- 
sight to be marking-time with 
the clip-clop of the guillotine as 
metronome. After Robespierre, 
a friend, himself fell to the 
guillotine in 2794, David was 
arraigned by his enemies. Im- 
prisoned, in grave danger; re- 
leased, then rearrested for 
mouths in 1795. 

In the self-portrait; lent by 
the tl fflrt, yon can see him as 
he saw himself rather earlier, 
on the tide of success about 
179L It is almost dandiacal in 
dress and posture. There is 
though a second self-portrait 
painted in the early months of 
imprisonment in 1794. It would 
have been Illuminating if it had 
been possible to borrow this 
from the Louvre, hut it is repro- 
duced in the booklet that accom- 
panies the National show. His 
costume is now in disarray, his 
linen tousled — he presents him- 
self as working painter, palette 
and brush in hand. It is, how- 
ever, not a defensive statement. 


Impression la strengthened by a 
distortion of the mouth, the 
result of a mishap In youth, that 
tends to give all portraits of 
him an expression resembling 
arrogant petulance, but is 



Leningrad Philharmonic/Festival Hall 


“Jacobus Blauw** by Jaeques-Louis David 


especially marked In the later 
iniage of himself, and when he 
was finally released about 
October 1795, he must still have 
felt in turmoil, under threat 
Yet within a month or so, he 
was able to marshall all his 
forces as artist in the flawless 
and limpid neo-classic equilib- 
rium of this portrait 
The acquisition of this work 
by David to the formidably, per- 
haps unmatched, representative 
collection of European painting 
in the National Gallery, is 
attributed to six years of 
patiently tactful negotiation by 
the recently retired Director, 
Sir Michael Levey, with the 


8km to export it On our side, 
we might perhaps wonder if 
there is not some means by 
which we could export a few 
prime specimens of, say, work by 
Constable and Turner, so thinly 



The Children’s Hour/Derby Playhouse 


Martin Hoyle 






Barbara Marten 


From being the radical man’s 
piece of chic Lillian Heilman 
has posthumously fallen from 
grace, rather ostentatiously 
revealed as the biggest fibber 
in sehooL* Apt;' therefore, that 
her drama of destructive 


by an apparently motiveless liar 
who even, one suspects, comes 
to believe her own fictions, 
should take the stage with such 
conviction. 

The Chdden’s Hour enjoyed 
Broadway success in 1934 and 
has been filmed twice, most 
recently with Shirley MacLaine 
and Audrey Hepburn as the 
schoolteachers whose world is 
shattered by a malicious pupil’s 
allegation of lesbianism. Despite 
misgivings the play emerges 
less as melodrama than as 
heightened drama. One of the 
teachers makes a discovery 
about herself and commits 
suicide. The engaged couple 
split up through excessive sensi. 
bility as she can never be sure 
that he believes her innocent. 
The actions go further than they 
would in real life; but the 
motivation is accurate. 

The work reads as a sleeky- 
tailored “problem” play com- 
plete with fraught rhetoric, but 
comes to life grippingly in 
Annie Castledine’s production 
at Derby Playhouse- There are 
shaky moments: the school- 
children are rather large 
(Charlotte Barker's wicked 
Mary looks as if she could make 
mincemeat of most of the cast 


with one hand tied behind her 
back); Anthony Ward's non- 
naturalistic sets of high, white 
clapperboard interiors with 
exaggerated perspectives take 
some getting used to before 
casting a spell; and Liz Roths- 


outraged respectability, a rare 
example of a young actress suc- 
ceeding in an older role witb 
fine restraint. Is placed too far 
upstage to carry the authority 
required in the final scene of 
reparation. 

But the abused teachers are 
well played by Sally Edwards, 
a more convincingly dedicated 
schoolmarm than Audrey Hep- 
burn could ever be, and 
Barbara Marten. Noting the 
latter's Tfaea in Bedda G abler 
two years ago, I looked forward 
in these pages to her own 
Hedda one day. This per- 
formance increases my im- 
patience. Tall, loping, faintly 
mannish as she draws edgtiy 
on a soothing cigarette, she bel- 
lows in anger or stabs quietly 
with utterances of repressed 
fury. The calm of her final self- 
awareness as, trying to talk 
herself through the crisis, she 
stumbles on the truth, is mov- 
ing. The name that occurs for 
comparison, Redgrave, whom 
she even faintly resembles, is 
so obvious it scarcely needs say- 
ing, Further judgment must 
wait on her appearance in a 
good play rather than a well- 
made one. 


But well-made it undeniably is. 
One scene of mounting tension 
when the accusing Mary covertly 
blackmails a terrified schoolfel- 
low into hysterically testifying 
against the women has a 
curiously fa m ilia r ring. Of 


two decades before Its time. 
The Children’s Hour was re- 
vived in the 1950s and, like 
Arthur Miller’s drama, was 
used as an anti-McCarihyite 
tract. The Derby programme 
dutifully makes a case for the 
play's tolerance of minorities. 
In fact no such tolerance 
exists. The tragedy stems from 
nice girls being vrongly 
a cased of unspeakable vice. The 
assumption of homosexuality as 
heinous is nowhere contradicted 
by the author; and when a 
character discovers the seeds 
of it in herself there is no way 
but death. Clever Miz Li Ilian f 
Still fooling some of the people 
some of the time with a 
liberalism as deep as the face 
powder tinted the most fashion- 
able shade 1934 could offer! 


David Ian to star 
in “Time” 

David Ian is to take over from 
David Cassidy as “The Rock 
Star” in Dave Clark’s musical 
Time at the Dominion Theatre 
on October 26. 


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Exhibitions 

WEST GERMANY 

HBdesheim, Boemer- Pehzaais- 
Museum, Am Stelae 1*2. Egypt’s 
rise to a World Power More than 
300 pieces loaned by 20 museums in 
Europe, Africa and America - the 

first presentation of the most impor- 
tant 150 years 1550-1400 BC of the 
New Empire in Egypt The bust of 
Pharaoh Thntmosis IQ, discovered 
In 1907 without a face, can be seen 
complete in HQdesbeim. The face, 
found in Egypt only 20 years ago, 
was loaned by a Cairo Museum. An- 
other highlight is a reconstruction 
of the 3000 year Old burial chamber 
of Sennefer, {he funner mayor of 
antique Thebes. Clothes, household 
. appliances, tods, cosmetics and jew- 
eflery illustrate the everyday life of 
Egyptian citizens. Finds Nov 29. 


V en i ce: Ala Napoteniica and Museo 
Correr. ’Matisse and Italy’: over 250 
works by one of most poetic of 20th 
century French Painters. The exhi- 
bition inplmiM paintings, drawings, 
Matisse's entire output of sculp- 
ture (75 pieces, in all), lent by private 
and public collections in France and 
America, and the Musee Matisse in 
Nice. Pierre Schneider, the organiz- 
er, has attempted to show how the 
works of Italian painters such as 
Mantegna, PbUaido. Giorgione and 
Veronese may have frifluw-pH Ma- 
tisse. Until October 18. 

Venice: Pa lazzo Grassi: Jean Tinguely: 
1954-1987: The jokey mechanical 
sculpture of Swiss artist Jean 
Tinguely. A gentler, but still mis- 
chievous, wnkn of Salvador Dali, 


Tinguely describes some ol his in- 
credible moving sculptures (all built 
from refuse iron and steel) as ‘ma- 
chines a sentiments," »m< the com- 
plexity and sheer improbability of 
his works communicate a touching 
“joie de vfvre." Over 300 works are 
on show, lent by American and Eu- 
ropean museums, with photographs 
of his first Self-Destructing Sculp- 
ture. Homage to New York, which 
duly self-destructed in the gardens 
of the Museum of Modern Art in 
New Yoik in 1960. Ends Oct 18. 


Bore dom : T^onardo da Vinci. Nature 
Studies" 50 drawings on loan by the 
Royal library at Windsor Castle, 
shown recently at the Metropolitan 
Museum, Stockholm and Tokyo. 
Centro Cultural La Calxa. Paseo de 
San Juan 108. EnHn Nov EL 

Madrid: "Beuys, Klein and Rothko. 
Transformation and Prophecy". 
Centro Cultural de la Caixa, Serrano 
60. Ends Nov 8. 

Madrid: "Ouks Lele 1877-1987". A ret- 
rospective of Madri d’s "movida,* 
photographer with her colouring ef- 
fects, shows her latest controversial 
piece "dbeles” requested by Ma- 
drid's town hailj halting the capital 
city's main square and causing a tre- 
mendous traffic jam last summer. 
Museo Espanol de Arte Contempor- 
aneo, Avda Juan de Herrera. Ends 
Nov 3. 

Madrid; -Mark Rothko 1903-1970*. 54 
works by North American artist of 
Russian origin grouped with de 
Kooning and Pollack. This show 
was sees recently at the Tate in 
London. Fundadon Juan March, 
Costello 77. Ends Jan 3. 

Madrid: "Mies van der Rohe". 150 


drawings by the architect to com- 
memorate his birth wasprepared by 
the Art Institute of Chicago and 
shown in Frankfurt and Paris last 
Sala Mopu, Nuevos Ministerios. 
Ends Nov L 

NEW YORK 

Metropolitan Museum: 200 objects 
from the Age of Sultan Suleyman 
the Magnifident demonstrate tbe 
wealth and skills at the high point of 
the Ottoman empire in the six- 
teenth century through the large se- 
lection of illuminated manuscripts, 
the imperial wardrobe, ceramics 
and Jewel-encrusted weapons. Ends 
Jan 17. 

Center lor African Art: Angles on Afri- 
can Art features ten co-curators, 
ranging from an African tribesman 
to collector David Rockefeller, each 
of whom chose ten of their favourite 
pieces, making a well-rounded and 
diverse show. Other curators are 
writer James Baldwin, artists Nan- 
cy Graves and Romare Bearden and 
curator William Robin, Ends Jan 3. 

IBM Gallery: Post Modem Architectu- 
ral Visions Includes an international 
array of designers including Mi- 
chael Graves, Hans HoUein, and 
Adolfo Natalini with 200 drawings 
and models of work from i960 to 
1985. originally organised by Wil- 
liams College and Deutsches Arcbi- 
tekturmuseum in Frankfurt. Ends 
Nov 7. 56th & Madison (407 6100). 


CHICAGO 

Art Institute: Walker Evans photo- 
graphs of tbe 1930s showing poverty 
and despair in the American South 
were famous in their Hn» in Life 
Magazine and preserved in James 


How does one work out, des- 
cribe, characterize what makes 
a great orchestra? At Tuesday's 
concert the first in London by 
the Leningrad Pbiiharmoic for 
a cruelly long time, it required 
hardly a page of score of the 
opening work. Rakhmaninov's 
Third Symphony, to inform the 
audience that beyond ail possi- 
bility of doubt they were in the 
presence of one of the world’s 
great orchestras. Yet, for all the 
usual lists of peculiar orchestral 
sound traits, general and 
departmental, that one might 
compile on such an occasion in 
the attempt to distinguish the 
“Leningrad sound” from any 
other, it was a harder task to 
explain why the sum total of 
those traits was so incompar- 
ably thrilling an experience in 
the concert hall. 

The answer, of course, lies in 
the corporate character of the 
orchestra's musicianship, and 
in the character of the con- 
ductor’s, and in the unpredict- 
able yet inevitable way that — 
when the partnership Is a 
successful one— those charac- 
ters can meet and combine in 
a single surge of unanimous 
purpose. The conductor of the 
Leningrad's current British tour 


Max Loppert 

is not the great senior Russian, 
Yevgeny Mrovinsky, Principal 
Conductor since 1938 (and 
known to many admirers only 
through treasured Leningrad 
records); but rather Maris 
Yansons. currently the orches- 
tra’s Associate Conductor. As 
he showed at the Proms this 
year with his "other" orchestra, 
the Oslo Philharmonic. Yansons 
is a first-rate orchestral 
moulder. But in Tuesday's 
performances it seemed less a 
case of Yansons’ moulding 
powers than of bis responding 
to and directing that brilliant 
crackle of musical electricity 
which is the Leningrad orches- 
tra's prime characteristic. 

The Rakhraaninov Third, a 
less obvious, showy blend of the 
composer's dark-sable colours 
and nostalgic sentiments than 
his previous two essays in the 
form bad been, offers numer- 
ous opportunities for broadly 
sweeping string arches, and 
they were seized to the very 
fullest (tbe “ antiphonal ” violin 
layout, correct but largely un- 
fashionable these days, lending 
a wonderful airy brightness to 
the tone). But the work also 
offers quiet passages of flned- 
down texture, often curiously 
unexpected and poetic in de- 
tail; and it was the diaphonous 


vitality, the urgent yet never 
insistent rhythmic forward 
tread, that stamped this a 
Rakhmaninov performance of 
altogether enthralling kind. 

Zn the Firebird Suite, which 
closed the official part of tbe 
programme, and in tbe Chaikov- 
sky (Siran Lake prelude, over- 
whelmingly passionate) and 
Berlioz encores that followed 
it, the crackle grew to a roar. 
Each orchestral department has 
o way of playing with a kind 
of tonal fearlessness that might 
be thought to risk assertiveness 
and even crudity (the wood- 
wind timbres are of extra- 
ordinarily distinctive, personal 
quality) while at the same time 
displaying group discipline of 
an order rarely paralleled — this 
is one ol the notable “listening” 
orchestras. Between Rakh- 
maninov and Stravinsky. Yan- 
sons achieved an on-the-toes 
accompaniment to Dmitry 
AlexeyeVs disconcertingly un- 
even account of the Prokofiev 
First Piano Concerto, now 
razor-edged in light-fingered wit. 
now exaggerated, driven, and 
splashy. 

The second (and final) 
London concert of the Lenin- 
grad Philharmonic takes place 
□ext Tuesday, and is plainly 
not to be missed. 


XueWei/Wigmore Hall 


represented in the major Euro- 
pean collections, to blazon 
abroad something of the great 
quality of the British contribu- 
tion to the genius of the visual 
arts. 

The useful little booklet that 
accompanies the show has been 
sponsored by the National 
Westminster Bank; it is writ- 
ten by the organiser of the ex- 
hibition, John Leighton, who 
is also responsible for the audio- 
visual sideshow for those wish- 
ing a wider context. The exhi- 
bition is indeed complete within 
itself but also reminds toe visi- 
tor that it represents only one 
facet of one side of David’s 


toe appetite, doubtless hope- 
lessly. for a fully representa- 
tive showing of this formidable 
artist's achievement. For that, 
you must take to the air and to 
toe Louvre. 


Hie Chinese violinst Xue Wei 
first came to notice in London 
five years ago when be won 
tbe Outstanding Merit prize at 
tbe Carl Flesch Competition. He 
was then 19; and last year be 
returned to the Carl Flesch and 
won it outright taking not only 
the first prize but also the two 
main subsidiary prizes as welL 
There is always a time when 
the purely technical accom- 
plishment of young musical 
prodigies far outstrips their 
interpretative abilities. For the 
most part that is an unavoidable 
stage— and for a while at least 
one is glad to wait patiently, 
and with not a little anticipa- 
tion. for insight and maturity 
to catch up. Mr Wei was a 
sensational young violinist 
when I heard him in 1982, and 
Z admired his playing again 
last year. His natural ability is 


Dominic Gill 

outstanding: but I was dis- 
appointed to hear how Little of 
real interpretative consequence 
be actually did with the music 
be played at his recital on 
Tuesday night. There is a stage 
beyond playing everything with 
dazzling assurance, very beauti- 
fully and correctly: but Wei 
has not quite arrived there yet. 

Franck’s sonata (tbe romantic 
repertory is dearly Wei’s 
chosen forte) was a splendid 
vehicle for his unusually rich 
and warm sonority — bright and 
clean in the upper registers, 
strong and darkly burnished in 
the lower. But he took few 
expressive risks: the whole 
effect was more that of a lesson 
brilliantly learned than of a 
powerful and original intimate 
communication. His accounts 
of Ravel's Tzigane and Chai- 
kovsky’s little Volse-Scherro. 


both neatly spun off, likewise 
spoke more vividly of good- 
student tsh good humour than 
authentic gypsy fire. 

The exquisite canrabile which 
I remember from his playing of 
tbe slow movement of the 
Chaikovsky concerto last year 
was again a notable feature of 
his Cbausson Poeme. That was 
no small pleasure in itself: but 
the manner was otherwise 
curiously prosaic, uncertain — 
as if there were still a teacher 
prompting somewhere in the 
wings. Hjs accompanist, effi- 
cient rather than inspired, was 
Andrew Ball — in the Chaikov- 
sky be followed Wei's rubato 
with almost fanatical precision: 
but in that kind of waltz you 
let the soloist get ahead 
occasionally, and wait for him to 
come back again. 


Jean Francois Gardeil/Wigmore Hall 

David Murray 


Gardeil is a personable young 
baritone as well as a highly 
gifted one (duly awarded some 
of tbe top French singing 
prizes), but tbe persona (sic) is 
unusual, even farfelu: imagine 
something..- between Rowan 
Atkinson and Jack Shepherd, 
with an extra hint of Gallic 
precoeity. Mobile face and 
bands at tbe ready, and several 
distinct forms of elegant 
slouch, he makes a natural 
cabaret performer. The voice, 
deceptively light (for half- 
explored depth and power were 
detectable in the lower range) 
but with a fine cutting edge, is 
cultivated, flexible and stamped 
with character. He should be 
interesting in toe forthcoming 
Don Giovannis at Rennes and 
Paris. 

His recital on Monday in- 


cluded nothing on that scale, 
though he began by treating 
Faure’s L'Horizon ehimdrique 
almost as if it were: imprudent 
(especially at his brisk tempi), 
for if there’s an “epic" quality 
in that cycle it is a matter of 
breadth and translucency rather 
than immediate drama. 
Debussy’s Villon ballads, vividly 
contrasted, were more per- 
suasive. and some very late 
Roussel — besides the familiar 
“Jam dans la nuit" — was nicely 
wry. In Ravel’s Don Quichotte 
songs, Gardeil achieved the 
rapt climax of the “Chanson 
6pique” excitingly. 

In the outer Quixote songs 
and in Gardeil’s rich Poulenc 
haul, his accompanist Billy 
Eidi supplied neither enough 
rhythmic definition nor enough 
character. Unless Eidi was 
exercising special, undue 
caution about the Wigmore 


acoustic, theirs is too unequal 
a partnership to make sense of 
reported comparisons with 
Souzay-Baldwin and Bernac- 
Poulenc: one missed anything 
remotely like Poulenc’s incisive 
attack and independent wit 
(most of all in Eidi's insipid 
"Paganini”). The accompani- 
ments sounded all of a much- 
ness — in songs which covered a 
great expressive range — and 
practically every harmonic crux 
was ignored. A pity, since Gar- 
deil is brilliantly attuned to 
Poulenc: ingenuity with the 
vocal line must have solid back- 
ing in this music. One minded 
less in their over-generous rep- 
resentation of Guy Sacre's songs 
after the campier Cocteau, for 
Sacre's “self-taught” idiom 
proved to be a thin, undirected 
echo of the "Les Six” manner. 
He must be a friend of some- 
body. 


The Man of Mode/Swan, Worcester 

B. A, Young 


The little Swan Theatre has 
made a very brave attempt at 
Etherege’s pretty comedy under 
the direction of Graham Lallan, 
The humour comes over well, 
with only occasional excesses, 
and on the night I was there 
the house clearly enjoyed it. 
Lez Brotherston has conjured 
up some serviceable sets out 
of h a n g in g white draperies and 
little else, and once we were 
used to that we had no trouble 


October 2-8 


Agee's moving book, Let Us Now 
Praise Famous Men. This exhibit is 
a reminder at s time of renewed 
despair in tbe American heartland 
of the scope and depth of Evans' 
work originally done for the Farm 
Security Administration. Ends Nov 

WASHINGTON 

National Gallery-. A Century of Mod- 
em Sculpture, the Patty and Ray 
mood Naaher Collection, contain: 
major works by Rodin. Picasso. Ma- 
tisse, Gabo, Giacometti, Ernst, 
Moore and Serra. Ends Jan 3. 


European Nature in 18th Centmy Jap- 
anese Art. This exhibition is of Japa- 
nese art inspired by Dutch manuals 
imported into Japan in the early 
18th century after the Japanese 
Government lifted its 200?earold 
ban on foreign materials. The 160 
paintings and sketches of European 
flora, fauna and people throw some 
more light on the Japanese pheno- 
menon - information-hungry and 
seeking to catch up with the West 
from tbe first slight opening of the 
door to the outside world in 1720. 
Suntory Museum of Art. Akasakam- 
itsuke. Ends October 25- Closed 
Mondays. 

Boeapjin Kkaag Ceramics: With Shoji 
Haznada this potter is recognised as 
one of Japan's important potters 
working in the folk tradition - ben- 
cfltting from the influence of Eng- 
land's Bernard !-»■«*>» There ore 156 
interesting works and the design of 
this modem new museum and its 
parksetting are noteworthy. Setag- 
aya Art Museum. Ends October 18. 
Closed Mondays. 


in placing ourselves in the Mall 
ot Dorimanfs dressing-room or 
whereever. 

The costumes may not have 
had quite the excellences their 
wearers are made to describe, 
but they were redolent of late 
17th-century chic in their way. 
I could not quite go along with 
Lord Town ley's long black 
gown, but Maxwell Hutcheon 
wears it with grace. As for Sir 
Fopling Flutter (Steve Swins- 
coe), his black wig with the two 
pieces at toe top that suggest 
rabbits' ears shows just the 
right quality of parody, but be 
must polish up his French. He 
doubled his continental chic by 
making his page wear a wig 
exactly like his own. With toe 
ladies there Is no problem, and 
they all look ravishing except 
the orange woman. 

Some of the finer points of 
the lines are lost by playing toe 
whole thing too fast. The text 
is given only modest cuts 
(though Lady Woodvile’s home 
in Hampshire has been moved 
to Worcester). Dorimant pretty 
well sums up toe plot when he 
says, “Next to coming to an 
understanding with a new 
mistress. I love a quarrel with 
an old one.” and toe subtleties 
are In the lines. There were 
some shortcomings in accentua- 
tion occasionally, that matters in 


such circumstances- and now 
and then the final words in 
lines were given less than their 
due, but both of these faults 
can be ascribed to haste. 

Kenneth Price, tail and good- 
looking. gives Dorimant the 
right kind of arrogance blended 
with enough charm to seduce a 
readily-5educible woman and 
Richenda Carey connives to 
keep Mrs Loveit attractive while 
not hesitating to suggest that 
she is a year or two older than 
toe other ladies. (Should not 
“Mrs” be spoken as “Mistress,” 
though?) Of the younger 
ladies I was particularly 
entranced by Karen Hentoorn 
as Harriet, who puts an exact 
proportion of modern teenager 
into her performance. I hope 
I shall see her Mrs Pinchwife 
one day. 

David Rose is old Bellair. per- 
haps not quite living up to his 
“Adods" bur a sporting oldster 
enough; Mark Strong makes 
enough of Young Bellair, which 
is simply to be handsome and 
courteous. I did not much care 
for Dominic Leu's rather 
common Medley, Belli nda 
(Amanda Wenburn) and Emilia 
(Jan Dunn) fullfil their func- 
tions charmingly enough, to be 
around as possible fodder for 
the men. 



Dominic Letts, Kenneth Price and Mark Strong 


i 







FINANCIALTLVLES 

BRACKEN HOUSE. CANNON S TRE E T, LONDON EC4P4BY 
Telegrams; Flnantimo, London PS4.Tetex: 8954871 
Telephone: 01-2488000 


Thursday October 8 1987 


Competition 
in Europe 


IF THE European Community 
is to abolish all Internal trade 
obstacles, as it aims to do by 
1992, few people would dispute 
that it wiU need a firm and 
coherent competition policy 
tailored to the dimensions of a 

single market. However, trans- 
lating this broad principle into 
practice is fraught with prob- 
lems. 

The scale of the task is clear 
from the impasse over the EC 
commission's long - standing 
request for powers to control 
cross-frontier acquisitions and 
mergers. This week, Mr Peter 
Sutherland, the competition 
commissioner. finally lost 
patience and challenged the 
Conncil of Minis ters to stop pro- 
crastinating and make up its 
mind about the proposal by tike 
end of next month. 

Fundamental reasons 

Though the UK has displayed 
the greatest public reservations, 
other governments are also 
dubious about the plan. Several 
are reluctant to cede sovereign 
authority to a supra-national 
body not noted for swift deci- 
sion-making. There are also 
uncertainties about how the 
proposed EC regime would 
mesh with national competition 
policies and the precise circum- 
stances in which it might be 
applied. 

Beyond that, though, there 
are more fundamental reasons 
for questioning whether Mr 
Sutherland is right to try to 
fbrce the pace now. The most 
important is that EC govern- 
ments still cannot agree on 
what they want from a Com- 
munity merger policy. 

Opinions are divided over 
whether the mai" emphasis 
should be on maximising com- 
petition or on facilitating in- 
dustrial rationalisation through 
EC-wide and national mergers. 
West Germany favours the 
former goal, while Britain. 
France and Italy, in varying 
degrees and for different rea- 
sons, tend towards the latter. 
Some smaller countries, mean- 
while. hope an EC merger 
policy would shelter their 
national industries from foreign 
predators. 

A broadly spectrum 

Of views exists about the pur- 
pose of creating a single market. 
Bonn’s interest is in a fairly 
open trading unit which would 
provide a springboard for 
wider international expansion 
by European businesses. But in 
Paris, the single market Is often 
portrayed more as a protective 
bulwark against the rest of the 
world, behind which EC in- 
dustries could re-groun. 

Mr Sutherland, for his part, 
has invariably given the pro- 
motion of competition priority 


over industrial policy initiatives 
supposedly designed to bolster 
the competitiveness of specific 
companies or sectors. 

He is right to be concerned 
about excessive industrial con- 
centration. The development of 
a truly competitive single 
market would be frustrated by 
the cartelisation of European 
industries behind EC trade 
barriers or by unilateral 
government actions to 
strengthen national suppliers at 
the expense of their rivals 
abroad. 

But Mr Sutherland's own 
views, however forcefully arti- 
culated, do not provide an 
adequate assurance that 
Brussels will wield effectively 
the wide discretionary powers 
which it is seeking. It is un- 
clear that tiie commission, as it 
operates at present, is institu- 
tionally well-equipped to apply 
such powers in a consistent and 
even-handed manner. 

Conflicting priorities 

Not only has its competition 
directorate been frequently 
criticised — by the European 
Court of Justice among others 
— for slow and sometimes slop- 
py procedures. The commission 
is also unavoidably subject to 
a wide range of political pres- 
sures which do not always mesh 
easily with the interests of 
competition policy. In particu- 
lar, there are obvious tensions 
between the commission’s in- 
creasingly hard line on trade 
with Japan nuintainlng the 
free access to the EC market 
which Mr Sutherland considers 
an important criterion for 
judging mergers. 

Some would argue that the 
collegiate nature of the Com- 
mission enables such c onflicting 
priorities to be reconciled 
efficiently. However. It is note- 
worthy that in the US and West 
Germany, the two countries with 
the most vigorous competition 
policies, anti-trust agencies 
have long enjoyed considerable 
Independence from other 
branches of government. 

By threatening to enforce 
Brussels’ existing merger 
powers more aggressively un- 
less the 32 agree to his pro- 
posals. Mr Sutherland is rush- 
ing the fences. The need for 
a fully-fledged EC merger policy 
is unlikely to become pressing 
before 1992, and quite possibly 
later. Bather than attempting 
to impose a solution now, the 
commission could use the inter- 
vening period more produc- 
tively. It should seek to nudge 
governments towards a con- 
sensus, and to satisfy them that 
it Is up to the task of discharg- 
ing the extra powers it wants. 


The Commonwealth has lost the initiative on South Africa. 
Victor Mallet looks ahead to next week’s s ummit. 

Out of the limelight 

A frican members of 

the Commonwealth prob- 
ably wish they had never 
heard of Fiji. The complexi- 
ties of Pacific Island politics 
could steal valuable time at the 
Commonweal t h summit in Van- 
couver next week from the issue 
they still regard as by far the 
most important — South Africa. 

Apartheid and economic sanc- 
tions are not the overwhelmingly 
dominant international issues 
they were a year ago. Presi- 
dent P. W. Botha has all but 
crushed a rebellion in black 
townships and muzzled the 
media in South Africa. Con- 
servative western govern- 
ments think tbey have gone far 
enough in imposing sanctions 
they never believed would work 
anyway, and spend much of 
their time worrying about 
events in the Gulf. 

South Africa nevertheless re- 
mains uppermost in the m?m fe 
of Mr Botha’s neighbours, not 
so much because they abhor 
racial discrimination, but be- 
cause the entire region is in a 
state of economic, political and 
military turmoil which they 
attribute to the machinations of 

the Government m Pretoria. Thatcher greeting the Eminent Persons Group last year; Sooth African raids put pant to 

South Africa’s mam regional their mission 

export Is seen by the black 

frontline states tobe de6tabilisa- to engineer a negotiated settle- mandatory, all-embracing econo- a position of some weakne 
tion — - a policy of crippling its ment of the South African nmc sanctions against Sooth Apart from the failure to i 
neighbours to prevent them crisis; in response to the raids, Africa, and Mrs Thatcher a i r nnks. there is evidence tl 


•->7" i 





tion — a policy of crippling its 
neighbours to prevent them 


Thatcher 


harbouring nationalist the Commonwealth’s Eminent resolutely opposed to further 


guerrillas, to keep them econo- persons 


abandoned measures, there is a risk that 


mically dependent on South efforts to bring the the summit will become 

Africa and to make black National Congress (ANC) and sterile slanging match. 


To try 


avert this, the 


Pretoria together. To try to avert this, the 

loSd With help of western British Foreign Office is 

SiaEsKSK 

SSSSSSs*® sz'ssrsgspds 


With the help of western British Foreign Office is 
donors, the nine-nation Southern anxious to steer the argument 


sibility of further military help 
for the frontline states. 

Evidence of destabilisation in 
the region is abundant: Mozam- 
bique. vital as a route for divert- 
ing the trade of landlocked 
countries such as Zimbabwe 


been slowly reinforcing trade “d military help which 
routes which avoid South Britain and other western 
Africa. But the region remains countries are giving to the 


heavily dependent 


frontline states to allow them 


lng the trade of landlocked republic, both as a trading £ 1 5g lu S r £f lr A d ^^ ff“S? countries have a chequered hls- 
countries such as Zimbabwe Partner and as a route for hTfoe PmSStcSK tory and the rationale behind 

away from South African ports, the outside “gjfgj them is often confused. Some 

is in turmoil as a result of a vorl d - . Zimbabwe actually m- ■ t fhnf Britain hMiriven proponents of sanctions think 


a position of some weakness. i 
Apart from the failure to cot 
air links, there is evidence that 
South Africa is using neigh- 
bouring African countries as 
sanctions-busting routes for its 
exports, a situation which 
undermines such western sanc- 
tions as there are. The front- . 
line states also like to condemn 
South African political repres- 
sion and human rights abuses, 
bat some of their own records 
are far from spotless. ; 

Economic sanctions applied 
to South Africa and to other 


guerrilla war waged by the creased its imports from South 
Mozambique National Resist- Africa in the first quarter of 
ance, widely viewed as South this year compared with the 
African-backed; the Zimbabwe first quarter of 19S& 


SiS* S“Ld B S’^ ££ ssr ~zsr p™* 

1*3 of SADCC ride I860. President _ Both, to see the 


government has accused Pre- Despite 


evidence 


The frontline states have res- error of his ways; some believe 
ponded by rejecting the idea that sanctions can choke the 
that such aid can be seen as an economy and so help to cause 


toria of supporting sporadic Pretoria's attempts to destabi- alternative to sanctions. They a revolution; others believe that 
attacks by dissidents in its hse its neighbours, the front- also say that their own depend- the South African establish 
south-western province of Mate- line states in the Commonwealth ence on South Africa should not ment will weaken under 
beletand; Zambia too accuses —Zambia, Zimbabwe, Tanzania ^ as an anti-sanctions sanctions and be forced to 

South Africa of trainu^ dissi- and Botswana— do not go to the argument For them, compre- negotiate. 

dents and suffers from the wars Vancouver s umm it with a par- hpricive «mrtinnc hv tmriinv 

on its borders in Mozambique ticulariy strong diplomatic hand jSrtnere SwflaaOemdm an?eaxs 

*”d Angola. or many new ideas to stow to £3™ the host wTtn end 255*_ “H* * TO., “5 


IQ. Angola. or many new rneas TO snow TO are the best wav to end anar. =T r T77 — IT*-' .. -”r i » 

In Namibia (South - west their chief political opponent ^ ap " Tbatchw. To avoid a fruitless 

Africa), the South African at the meeting— Mrs Thatcher, British officials find this ex- g >agron ^ ti . on at su ? u ^ t ’ 

occupation continues and in the British Prime Minister. asperating " The bin mistake ” participants will probably 

says * resigned Mr Oliver duced the debate about Sooth viewing the effectiveness of the 

Unjamov^jntiiesr fight Tambo, the leader of the ANC, Africa to one simple morality && 

-~amgt the Marxist Government - would be a decision to impose test: are you in tavour of sane- 


against the Marxist Government. “ would be a decision to impose 


Hons at the same time as re- 
viewing the effectiveness of the I 
measures taken so far, taking 


. — _ . ” „ — — r wvmu oe a oecuauu impose you m nvuui ui muiu- tn rasnio frnntlin* 

Botswana, Lesotho and Swazi- comprehensive economic sane- tions? We say to them, our soSh Africa’s 

S’?? mtbe «“> « wen M import tor trade i. going town, your, i, !S£L "22? 


thrall of South Africa. 


frontline 


Deprived of friendly buffer expect Mrs Thatcher to go it to know that. 1 


economic and military strangle- 
Ktf *** d0nt * hold, and looking for ways to 


states since the end of Portu- 
guese rule in Mozambique and 


« solve the foreign debt crisis 

Britain goes _ to Vancouver faced by Africa and the rest of 
cure in the knowledge that the Third World, 
tiile It has fulfilled its promise L. 

impose limited sanctions, the The frontline states and the 
outline states have noL Co mm onwealth appear to have 

At a Commonwealth mini- lost the initiative on the South 


a mm i sin Those views are echoed by secure in the knowledge that 

the frontline states. “The pre- while it has fulfilled its promise 
^ uni loL? policy of the British to impose limited sanctions, the 

itolftv. f22J5 ine S. t iii,„ 1880 ' Government seems to be to frontline states have not 

eoutn amca s mmtary com- leave South Africa alone," says At a Commonwealth mim- 

manders have cajoled, Mr Luke Mwananshiku, summit in August last year— in 
threatened or crushed neigh- Zambia’s For eig n Minister. “But a blaze of publicity and amid 

touring countries into a state you can’t leave South Africa much condemnation of Britain 


summit in August last year — in African issue which they held 
a blaze of publicity and amid just over a year ago. South 


When perks are 
divisive 


touring countries into a state you can’t leave South Africa much condemnation of Britain Africa’s neighbours can do 
of compliance or chaotic dis- alone, because South Africa —Zambia and Zimbabwe pro- little except reinforce their de- 


aitay. 

Last 


African 


doesn't leave everyone else 
alone— including their own 


raids on the capitals of Zambia, people." 

Zimbabwe and Botswana put With most members of the 
paid to a Commonwealth effort Commonwealth demanding 


mised to cut air links with fences, divert their trade away 
South Africa. A year later they from South African ports, and 


abandoned the plan. 


watch the regional superpower 


The frontline states there- exercise its hegemony, just as 
fore approach the summit from it has done for many years. 


THE young British businessmen 
and women who this week called 
on companies to stop providing 
their managers with cars, and to 
close down their executive 
dining rooms, rightly see such 
actions as a way of helping to 
eliminate the “them and us” 
attitude which still persists in 
so much of UK industry. The 
managers, members of the Con- 
federation of British Industry’s 
2010 Group, also make the wel- 
come demand that the Govern- 
ment change a tax system which 
makes company cars so attrac- 
tive to both the company and 
the individual. 

As -the group said, managers 
and employees will only see 
themselves as members of an 
effective team if tbey Share the 
same basic conditions of 
service. Hence the group’s 
emphatic rejection not only of 
company cars, but of share 
option schemes which are avail- 
able only to senior managers. 

By a striking coincidence, the 
group’s Programme for Action 
appeared on the same day as 
two other revealing reports on 
the pay and perks enjoyed by 
Britain’s senior manag e rs. The 
first showed just how firmly 
entrenched the executive car 
has become. Eighty per cent of 
the 7,090 executives surveyed 
have company can. So do 98 
per cent of the directors 
surveyed. The second report 
disclosed that Britain now has 
four directors earning more 
than £lm a year. The highest 
paid of them reportedly earns 
just over £2.5m. 

These pay figures include 
salaries and other cash earn- 
ings, as well as the taxable 
value of benefits is kind. They 
do not, however, include 
executive share options. This 
suggests that when it comes to 
spectacular earnings, we have 
not seen anything yet The 
share options offered under the 
1984 Finance Act cannot be 
exercised for three years if the 
manager or employee concerned 
is to escape income tax. Com- 
panies began to set up these 
schemes in late 1984, so the 
first batch of option-holders are 
probably about to exercise 
them. 

These share option schemes 


and company ears have two 
things in common. The first is 
that they tend to promote the 
sort of divisiveness the 2010 
Group inveighed against The 
more junior the manager, the 
less likely he is to have a com- 
pany car. So too with share 
options. Unlike the two 
earlier share schemes set up 
by the Finance Acts of 1978 and 
1980, the 1984 Finance Act 
allows companies to dis- 
criminate widely between em- 
ployees when making options 
available. The second com- 
mon factor is the extent to 
which the tax system en- 
courages the use of both perks. 
Under a 1984 Finance Act I 
scheme, the employee is liable 
to capital gains tax on disposal 
of the shares, but does not pay 
income tax. Company cars are 
taxed at far less than their full 
value. 

Distorted choice 

The onus should be on com- 
panies to make options avail- 
able to as wide a group of 
employees as possible. The 
company car, on the other hand, 
requires government action of a 
different sort 

From an economic point of 
view, payments In tax-sub- 
sidised kind are less desirable 
and efficient than the straight 
distribution of cash. The 
current system distorts choice 
by so. si dising companies and 
their employees to provide (and 
receive) a relatively standard- 
ised set of high-value goods. If 
those same employees were 
given the monetary equivalent 
of a two-litre car, many of them 
might exercise their newly-free 
choice to trade-down, and spend 
part of the money on something 
else. 

It is, of coarse, the fear of 
such a free-market calamity 
that hag prompted the British 
motor industry to lobby go 
fiercely over the years against 
the removal of tax incentives 
on company cars. The govern- 
ment, for its part, has resisted 
repeatedly the temptation to 
bow entirely to its principles, 
going instead for slight in- 
creases in the tax on com^nv 
cars. It may be Hmp to fotoir 
again. 


Messenger to 
the board 

Messenger boys who make it to 
i the boardrooms of City finance 
bouses must be as rare as army 
privates who find a field 
marshal’s baton in their 
knapsacks. 

But it does happen. Ibis 
week, Peter Hardy who started 
work m the City as a. messenger 
toy back in 1953, joined the 
board of S. G. Warburg Group 
as joint bead of its UK equity 
division. 

“I really wanted to be a 
policeman,” Hardy says. “But I 
wasn't taH eno u g h .” So be 
started work for stockbroker 
Read, Hurst-Brown on his 15th 
birthday. He was a messenger 
for 18 months — “one of the 
longest-serving the firm ever 
bad” — before he was moved into 
the general office. 

There, Hardy discovered be 
had a facility for maths. “I 
couldn't help adding up num- 
bers.” He was rapddiy trans- 
ferred to the “stats” department 
and was soon doing valuations 
for private clients. 

By 1960, with the encourage- 
ment of the firm’s partners, 


Mem and Matters 


Alan Hurst-Brown and Alastair 
Ferguson, Hardy began to 
specialise in the p roper ty sector. 
He was made a partner, him- 
self, seven years later at the 
age of 28 — “pretty unusual at 
that age,” he admits, “and 1 
didn’t own a golf chib.” 

Hardy became the City's lead- 
ing property analyst, topping 
the Continental Illinois charts 
for some 10 years running. 

Read, Hurst-Brown merged in 
1974 with Rowe & Pitman which 
last year was itself merged with 
Akroyd & Smithers, Mullens & 
Co and Mercury Securities to 
form Mercury International. 
Through these moves. Hardy — 
with the support of a loyal team, 
he modestly insists — has 
remained pre-eminent in the 
property field. Mercury now 
acts as brokers to a large 
number of property companies, 
and generally dominates the 
sector in a way that is un- 
matched in any other area of I 
the market. 



JBm 


“ She sounded suspiciously 
Uke Hz Heeeltinc tone" 


Swedish slip 

One of Sweden's most celebrated 
spies succeeded in giving his 
minders the slip during a visit 
to his wife sometime earlier 
this week. The incident has 
sparked off a row between the 
prison authorities and security , 
i police, and once again raises i 
I questions about the efficiency of 
! the Swedish police who have 
been strongly criticised In 
recent months for their conduct 
of the Olof Palme murder 
investigation. 

Stig BergUng, who worked for 
the Swedish security police 
(SSpo) and for the defence 
staff security division, spied for 
the Soviet military intelligence 
service (GRU) during the 1970s. 

In 1979, he was sentenced to 
life imprisonment for passing 
on Information about security 
police activities to suspected 
Soviet agents. 


On Monday evening, Berg- 
ling (who now has a new 
identity, has shaved off his 
moustache, and is known as 
Eugeu Sandberg) was taken by 
a prison officer to see his wife 
in Stockholm. The couple were 
left alone — though the fiat 
was supposedly under observa- 
tion by SSpo officers — but 
when the prison officer returned 
at Tuesday lunchtime, they had 
flown the nest. 

A national alert did not go 
out until se versa hours later at 
10 pm, thus giving (be 
Bergliogs a 24-hour head-start 
on their captors— and now the 
potioe and prison authorities 
are squabbling over wbo is 
responsible. 


Bright prospects 

Warsaw's last shoeshiner 
retired when his base, the 
fln-de-siecle Bristol Hotel, was 
closed for restoration a few 
years ago. All the more sur- 
prising for passers-by yesterday 
when a shoesMne stand re- ; 
appeared on a Warsaw street 
Some even agreed to have their 
shoes cleaned, little knowing 
that the cleaning was being 
done by Malgorzata Daniszew- 
ska, the wife of the Govern- 
ment's controversial spokesman 
Jerzy Urban. 

Sbe works for a monthly 
paper called Firma which is 
aimed at advising private 
enterprise and which, as the 
Government gears itself to 
announce a greater role for 
the private sector at the week- 
end, hopes to expand its circula- 
tion. 

Urban himself turned up to 
view the stunt whose slogan 
was: ‘‘There's money on the ’ 
street All you have to do is 
pick ft up." 

As his wife cleaned his shoes 
(his bodyguard had to go with- 
out a shine) Passers-by calcu- 
lated that at 150 zlotys a time 


(50 cents) a shoecieaner could 
make over 100,000 zlotys a 
month, weH over the present 
ministerial salary. 

Editor regrets 

Connoisseurs of (be Abject 
Apology will savour this one. 

The Editor and Proprietors 
of The Times of Swaziland re- 
cently extended their apologies 
to the minister of defence for 
erroneously including his name 
among those arrested and 
charged with treason. 

“ Though our ' reporters 
checked as thoroughly as was 
possible under the circum- 
stances we are deeply sorry 
that the error arose. Further, 
we regret any inconvenience 
and injury which may have 
occurred . . 


Share watch 

VSEL shipyard workers at 
Barrow-in-Furness and Birken- 
head have reason to smile thin 
week, with the news that then- 
company has won a £400m 
order for the second Trident, 
missile submarine. 

Eighty-two per cent of them 
took up their share allocations 
in the 1986 buy-out of the yard, 
and they have since seen their 
£L shares soar in value. 

Chief executive, Rodney 
Leach, wbo was at the Birken- 
head yard yesterday for the 
launch of HMS Campbeltown, a 
type 22 frigate, was hailed by 
a gate man as he walked out of 
the yard. “Six-forty three, sir.” 

Leach checked his watch. 
“ No - ■ ■ five-thirty." The gate- 
man: “ Sir, Fm giving you to- 
day’s closing price.” 


School term 

Two and a half thousand Bir- 
kenhead children were given a 
morning -off school to watch the 
launch of the local shipyard'; 
£140m addition to the Royal 
Navy's fire power. 

A woman teacher explained , 
w We have it in the timetahlr 
as peace studies.” 


bob WOODWARD cannot 
write. On the third, 
an the President s Men, 

recreating the veiy begtanli« 

of the Watergate saga, it 
states: “One office rumour 
had it that finglh* was 
not Woodward’s native 
lan guage.** Fifteen years, five 
Docks and countless Washing- 
ton Post articles later he Is 
still stuck with a literary 
style which suggests that he 
and Jeffrey Archer had the 
same tutor. , 

It is a fault which has 
mattered not a dime, for the 
very simple reason that 

Woodward does one Sung 
better than just about any 
ether journalist in the game, 
which is to report It Is 

precisely this reputation, 

embellished as much In his 
books on John Belashi, the 
American comic actor, and on 
the US Supreme Court, as in 
his investigations of the nigh 
and mighty to political 
Washington, that is now being 
questioned in the US on two 
counts In connection with his 
latest book. 

The first Is whether or not 
he actually visited WDllaav 
Casey on his death bed and 
extracted a last, albeit ellipti- 
cal, confession that the 
Central Intelligence Agency 
had done things, mostly but 
for from exclusively in sup- 
port of the Nicaraguan con- 
tras, that were way beyond 
Its charter. 

The second centres on 
whether Mr Woodward’s duly 
to the public as a reporter 
was forgotten in that much 
of what he has unearthed in 
his book might well have 
appeared In (he pages of the 
Washington Post before the 
inimitable Mr Casey took so 
many secrets to the grave. 

Political Washington has 
long been an insider's town 
and this is the quintessential 
Insider’s took. Its cast of 
characters indudes the blue 
chip members of the intelli- 
gence fraternity of the post- 
war years, from Richard 
Helms to Oliver North and 
Barry Gold water, yet an are 
dominated by the curious, 
brooding and often Incompre- 
hensible figure of Casey. 

Indeed the book might 
better have been called Casey 
at the Bat (after the famous 
baseball poem) or The com- 
pany Casey keeps (an Inspired 
headline coined by the New 
York Times). Yet, because 
Mr Woodward is a reporter 
not a pjsehoanaiyst it is not 
always easy to divine what 
really made William Casey 
tide. 

Some salient factors do 
stand out. Casey was a mem- 
ber of the Office of Strategic 
Services (OSS), the wartime 
espionage outfit im by “ Wild 
BUI” Donovan that was the 
precursor of the modern CIA. 
Its ethos was covert action, 
and. true to its spirit. Casey 
himself never had much truck 
with those immersed in elec- 
tronic espionage, or with 
those who questioned the 
legitimacy and the political 
wisdom of subversion. 

Hence he fell out with the 
ultimate “modern.” master of 
the. spy trade. Admiral Bobby 
Ray Inman, whs has now, in 
some quarters, been fingered 
as Woodward and Bernstein’s 
Watergate “deep throat.” For 
the same reason, he came to 
like and admire Col North. 

Casey's own ideology was 
not complex, in that he sub- 
scribed. fully, to the “ evil 
empire” thesis of east-west 
relations. Yet be was uneasy 
with some of the wilder ideo- 
logues inside the Reagan 
Administration, principally 



Veil : Vie 
Secret Wars 
of the CIA 

1981-1987 

By Bob Woodward 

Simon Schuster; £14.05 : 


because their lack of discip- 
line was likely to compromise . 
his undercover operation*. 

Mrs Jeane Kirkpatrick, the 
former Ambassador to the 
United Nations, and vex? ‘ 
much on admirer, explained 
the Casey approach thus: 
“Diplomacy and direct mili- 
tary action were not options. 
The President neither wonted 
to sit down with the Soviets 
nor wanted to fight them. . 
Covert action was the met ha- 
nism for containing or limit- 
ing US involvement abroad 
while getting the job done: 
and be wanted to keep that as - 
secret as possible." 

His relationship with the _ 
President was. however, not 
quite as intimate as might be 
supposed. Though manager 
of the successful campaign <n . 
1980. he was not a chazler- 
member of Mr Reagan’s . 
kitchen cabinet of old friends. 
Conversations betwxxn the 
two generally consisted of 
Casey mumbling and Mr . 
Reagan nodding off. 

But he had reliable con- 
duits to the President's ear, 
such as Edwin Meese. now 
the Attorney General, capable 
of offsetting the man in the 
White House whom he really 
distrusted. James Baker, now 
Treasury Secretary. Later, as 
Irangate assumed a momen- 
tum of its own. North and 
Poindexter filled the bOL 

Hr Reagan also provided 
Casejrwith an Important form 
of indirect protection. First 
he insulated him from the 
worst consequences of the 
CIA director's appalling 
representations to the 
co ngres s io nal intelligence 
committees (even Barry Gold- 
water, who should have been 
a friend, despaired at times). 
Second, the 44 teflon presi- 
dent * protected many, includ- 
ing Casey, suspected of the 
“•tore factor"— that is a leas 
than scrupulous observance of 
the laws of the land. 

As previously noted, Mr 
Woodward reports wonder- 
fully, but does not prescribe. 
Bat one Interpretation of 
this took is that Casey, a 
throwback to an earlier age, 
could only have flourished In 
a presidency like Mr Reagan’s. 
The hope is that the excesses 
are not repeatable, the fear 
Is that “tiie rogue elephant on 
a rampage” (Senator Frank 
Church’s famous description 
of the CIA In the 1976s) has 
yet to be permanently 
tethered. 

Jmrek Martin 



i A : i -r 

i-£s /^vcn; recces cu lemps 




Observer 








19 


Financial Times Thursday October 8 1987 


ECONOMIC VIEWPOINT 



UK needs a budget 

By Samuel Brittan 


surplus 


THE REPORTED difference of 
£3ibn to £4bn between the UK 
Treasury and the spending de- 
partments about expenditure in 
1988-89 la lees than usual at 
this stage of the public expen- 
diture cycle. 

It may, nevertheless, be larger 
than it looks. Increased 
spending for 1988-89 already 
announced and approved, for 
instance for local authorities 
and nurses, already amounts to 
nearly £2 bn. As the larger table 
shows, this takes up all the re- 
duction in the contingency re- 
serve which is normal as a new 
financial year approaches. 

So, as in previous years, the 
whole mechanism of the Star 
Chamber under Lord Whitelaw 
will still be required. This in- 
cludes his highly-sophisticated 
arbitration techniques, which 
are somewhere between split- 
ting the difference and sniffing 
the political wind, a procedure 
which favours the spending de- 
partments. 

But much more interesting 
than the size of the divergences, 
this time, are the plausible but 
bad arguments used by the 
spending ministers in explain- 
ing to political journalists the 
case for an increase in the pre- 
viously agreed totals. 

Their own arguments, put 
better than they put them them- 
selves, run as follows. Pre- 
viously agreed plans published 
last January provided for a 
public expenditure planning 
total of £154J2bn in 198889. 

The path presented in the 
last Public Expenditure White 
Paper showed an increase of 2 
per cent after allowing for in- 
flation in the present flnnnt»taf 
year, 1987-88, which by coin- 
cidence happened to he an elec- 
tion year. But after that, public 
expenditure was expected to 
flatten out, rising in real terms 
by only 0J3 per cent in 198889. 

Various items have to be 
added to the planning total. 
These include debt Interest and 
some statistical adjustments. 
When this is done, the plans 
show a decline in “ general 
government expenditure" as a 
proportion of GDP from 43 per 
cent in 1988-87 to 42} per . cent 
in 1987-88 and 41} per cent in 
198889. 

The effect of privatisation is 
to reduce these proportions 
artificially by about 1} per- 
centage points. When privatlsa- 


PubHe ipwmllng plana In last budget 


ton 

106*86 

Outturn 

196SOT 

Outturn 

1967/SS 

Plans 

1368/89 

Plans 

Public expenditure 
pfenning total 

133.6 

140.0 

148.6 

154J2 

General government gross 
debt Interest 

17.fi 

17.4 

17.9 

mo 

Other adjustments 

7 JO 

7.7 

70 

8.0 

General government 
expenditure 

158.2 

165.1 

1733 

180 

Planning total in real toms 
(base year 1985-86) 

1333 

1358 

1373 

1373 

General goverment 
expenditure as a 
percentage of GDP 

44 

43 


4 fk 


ggg* RnancMBMganwnt tgKMjg 



tion is excluded, the trend Is 
still downwards compared with 
the peak reached in the post- 
recession year 1982-83; but the 
public expenditure share, on 
this basis is now back only to 
where it was In the last year of 
the labour Government. 

The arguments of the spend- 
ing ministers depend on these 
percentages. For the national 
income is growing faster than 
the Treasury foresaw last winter 
— and for once mostly because 
of real output growth rather 
than inflation. 

If Nominal GDP is just over 
1} percentage points higher in 
196889, then the original 
Treasury estimate — a conser- 
vative guess covering two years’ 
growth — then almost the whole 
of the excess spending bids 
could be accommodated, while 
still achieving the planned re- 
duction in the public expendi- 
ture proportion. A pessimistic 
Treasury forecast for debt in- 
terest could spoil this arithme- 
tic, but not very much else 
could. 

Indeed these arguments can 
be strengthened further by 
looking at the revenue side. 
Early Treasury estimates both 
of tax revenue and privatisation 
proceeds were deliberately 
cautious. 

The Chancellor could well be 
able to cut taxes by the £3bn 
originally projected for 198889 
and budget fbr a Public Sector 
Borrowing Requirement the 
£4bn originally planned, even if 
the public expenditure limit is 
increased. Indeed he might be 
able to secure the hat-trick of 


giving some ground to the 
spending ministers, cutting 
taxes and achieving the head- 
line of a near-balanced Budget 

In bookkeeping terms, it is 
difficult to fault these argu- 
ments I have constructed for 
the Extending ministers. Tba 
snag about them is that they 
overlook the overwhelming 
economic case for a tight 
budget 

The reason why the spending 
ministers are wrong is that 
budgetary policy is more than 
just bookkeeping. If Govern- 
ment revenues are boosted by a 
boom or by any other kind of 
windfall it does not make sense 
to band out the proceeds either 
to the spending departments or 
to the taxpayer. 

The Chancellor argued at the 
IMF that any deficit in the cur- 
rent balance of payments could 
be explained by a spurt in the 
British growth rate at a time 
when world economic growth 
was unexpectedly slow. But the 
very same arguments which 
justify a temporary deteriora- 
tion in the overseas accounts 
argue fbr less borrowing, or 
even a surplus in the domestic 
Budget 

Unfortunately, Treasury Minis- 
ten and offlipialu have one 
hand tied behind their backs in 
making the case for budgetary 
restraint Fbr they have not 
only refused to pubfcto any 
Budget estimates adjusted for 
the business cycle, ofl or any 
other disturbances. They have 
not even outlined the cose for 
cyc&oaS variations from the 
punned PSBR path, except in 


type so small and so rarely 
printed as to be nearly Invisible. 

This Treasury reluctance just 
cannot be dismissed as fuddy- 
duddy. For instance, any attempt 
to adjust the PSBR figures over 
a long series of years requires 
an extremely controversial 
judgment about changes hi the 
underlying rote of unemploy- 
ment which can be achieved 
without accelerating inflation; 
and many of the adjusted 
figures suggested by outride 
economists would have had 
highly inflationary — mid some- 
times downright bizarre — frnpK- 
catioos for policy. 

The absurdities of the 
economic establishment do mot 
absolve the Treasury from arti- 
culating its own common-sense 
adjustments; or simply explain- 
ing the difference between 
budget-making and bookkeep- 
ing. Be tixas os it may, the 
expository shyness of «he Chan- 
cellor and/or his advisers does 
not justify stoking up an 
already vigorous boom wdto 
spending increases or extra tax 
cuts. 

If we lock at economic 
pcticy and not just year-to-year 
budget bookkeeping, the follow- 
ing conclusions emerge. 

There is a very vigorous 
domestic boom, which could 
easily become inflationary. In 
saying this, 1 quite agree with 
Professor Alan Budd who 
writes in the October issue of 
County Nat West’s UK Forecasts 
about the increases in produc- 
tivity which have passed the 


majority of Cassandra-Like fore- 
casters completely by. Budd's 
estimate of the potential non- 
inflationaiy growth rate of the 
UK is around 3} per cent. This 
is consistent with a growth rate 
for 1987 of 4 per cent and one 
of 3 per cent for 1988. The real 
worry is that demand is grow- 
ing at an even faster rate and 
pressing on limits of produc- 
tive capacity. The best evidence 
for this is probably the upward 
pressure on pay being reported 
by the CBI. 

The Chancellor has a very 
limited number of weapons for 
restraining demand. The in- 
terest rate weapon Is, for the 
time being, cut of play. This 
is because the remarkable 
strength of sterling, especially 
against the D-Mark, would make 
a further rise in intereat rates 
a crazy act of policy. 

Thus the only way left of 
curbing the growth of demand 
is by tightening fiscal policy. 
Such a tightening is also justi- 
fied on structural grounds 
because of the link between 
the Budget and the balance of 
payments. There is a risk of 
a persistent payments deficit 
in the medium term, unjustified 
by national balance sheet con- 
siderations. The best medicine 
is to reduce or, better, elimi- 
nate the Budget deficit, an 
argument made familiar from 
the US case. 

The argument goes beyond 
balance of payments worries to 
the need for investment to sup- 
port the boom. Any given path 
of demand, whether nominal or 
real, will contain more invest- 


ment and less consumption if 
the Government’s own accounts 
shift from deficit to surplus. 
This is only another way of say. 
ing that an increase in national 
savings of which a Budget sur- 
plus is an example releases 
resources for investment. 

When demand is slack, there 
are always arguments that a 
tight fiscal policy will aggra- 
vate recession rather than 
promote investment The events 
following the tight Budget of 
1B81-82 have not put all such 
worries to rest It is however 
pretty dear that a budgetary 
brake can be beneficial only 
when demand is pressing 
against the limits of capacity. 

The best time to undertake a 
structural tightening of the 
Budget is in a period of boom, 
when there is little risk that it 
will weaken activity or induce 
recession, and an excellent 
chance that it will release re- 
sources for exports or domestic 
investment. 

The big question about the 
1988 Budget will be to deter- 
mine whether it is tight or 
not. Let us suppose that taxes 
are cut by £2bn to £3bn but 
that the revenue outlook is so 
good that the Chancellor is 
able to project a near-zero 
PSBR after collecting £5bn or 
£6bn from privatisation pro- 
ceeds. Will the Budget be tight 
because borrowing bas been 
□early eliminated on current 
Treasury definitions or lax 
because taxes have been cut? 

The attraction of tax cuts in 
the first year of a Parliament 
is that they make it much 
easier to introduce tax reforms. 
For something Js then left over 
to soften the blow for relative 
losers, who always exist in any 
reform worth the name. 

Should, then, Nigel Lawson 
give up the one chance he is 
likely to have of major tax 
reform for some worthy con- 
junctural objective like reduc- 
ing “ overheating " ? No prizes 
for guessing what he will do. 
But the correct answer depends 
on what the tax reforms are 
and whether the long-term 
benefits really do outweigh the 
risks to economic management. 

My own answer is “Yes" for 
radical reforms which really 
eliminate interest group 
privileges; but "No" for the 
kind of reforms likely to get 
past any British Prime Minister 
or Cabinet, let alone this one. 


JOE ROGALY 

Disciplining 
the poor 


BRITAIN’S Conservatives were 
quite right to demand at their 
party conference on Tuesday 
that if the Government is to 
introduce a poll tax it had 
better get on with it. The 
proposed new tax is bad enough 
without spending four or five 
years trying to soften the blow 
by phasing it in. The Scots are 
to have it in one fell swoop, but 
the present plan is for England 
to carry on with domestic rates 
side by side with the new “ com- 
munity charge,’’ so that some 
people would be paying a declin- 
ing annual property tax at the 
same time as the poll tax. Two 
administrations and two sets of 
books would be required. This Is 
clearly a nonsense. 

The Government's underlying 
reason for persisting with the 
proposal is not a nonsense, but 
it is certainly malign — particu- 
larly as explained by Mr 
Nicholas Ridley, the Secretary 
of State for the Environment. 
Boiled down, it runs as follows: 
The poor and low earners must 
be forced to pay at least some- 
thing towards local services. 
They will then see the sense 
of voting against high-spending 
(that is, Labour) councils. 
Another nail will have been 
knocked into the coffin of 
socialism. You could turn this 
reasoning on its head: local 
Taxation of property, as cur- 
rently organised, allows people 
to vote for Left-inclined coun- 
cils without any concern for 
cost, since it is only house- 
holders (by definition the rela- 
tively well-off) who pay 
domestic rates. 

Mr Ridley was especially 
eloquent about this line of 
reasoning when he addressed a 
gathering of Conservative coun- 
cillors at Coventry the other 
day. He talked about “ the 
increasingly political atmos- 
phere" of local government. It 
was becoming difficult 11 to 
ensure that local government 
spending priorities fit in with 
the economic priorities of 
central government." Only 
central government or the local 
electors could do it. If it was 
to be the former, local govern- 
ment would be turned into "a 
sort of advisory service to 
administer money provided by 
central government.’' So it has 
to be the people. 

But just 18m of them pay 
rates, and only 20m pay income 


tax. To bring all 35m adults 
to their senses a more broadly- 
based tax is necessary. And the 
best universal vote-influencing 

mechanism around, in Ridley- 
thought. is the poll tax, pre- 
cisely because it is regressive. 
Why? Because a local income 
tax, even one paid by all 35m 
voters, could be used by high- 
spending Labour councils to 
drive the better-off away, “just 
as high rates have driven away 
businesses from some of our 
older industrial areas." The poll 
tax. on the other hand, would 
be a flat fee for local services. 
It would create a market 
pricing mechanism so that 
“ people look to the costs as 
well as to the benefits “ of local 

government. 

There are sub-clauses to this 
apologia, of which two stand 
out. First, the poll tax will 
cover only a quarter of local 
spending, and the uniform 
business rate a further quarter. 
So half the spending will be 
financed out of central govern- 
ment taxation (the personal 
income tar portion of which is 
progressive). Second, the 
worst-off electors will receive 
rebates of up to SO per cent of 
the poll tax and increased 
benefits to account for the fifth 
they must pay (although this 
will be calculated on national 
averages and might therefore 
be very rough indeed on some 
recipients). 

What cannot be explained 
away is that a great many poor 
people— some of them old and 
perhaps disabled, some of them 
nearing retirement and per- 
manently unemployed, some of 
them mentally handicapped, 
many on the dole because jobs 
are not available — will be asked 
to manage their higher benefits 
and new poll tax as part of the 
kind of home budget that we 
fondly suppose is balanced by 
middle class high wage-earners. 
That, it is assumed, will teach 
them not to vote Labour. And 
if they are so thick-beaded as 
to miss the point, the Labour 
council they do vote for may 
be poll-tax capped so that what- 
ever happens it does not spend 
more than Che Treasury allows. 
The last remaining outpost of 
elected authority for the egali- 
tarians who still make up a 
substantial minority of the 
electorate will have been 
demolished. Such a policy, 
history teaches us. is not only 
wrong. It is dangerous. 


Letters to the Editin' 


Big Bang-oiie 
year on 

From Mr H. Monde n 

Sir, — You were good enough 
to publish several totters from 
myself and other members of 
the London Stock Exchange a 
year ago when the future of the 
exchange Big Bang depen- 
ded in large part on the accep- 
tance by individual members of 
proposals, which in effect 
placed individual membership 
into second place behind cor- 
porate membership. 

How have these proposals 
affected individual members 
and indeed users of the Stock 
Exchange one year an? , 

Earlier I had suggested that ] 
the onus was on the RoiimM of | 
toe Stock Exchange to ensure 
that membership would still be 
meaningful. It does not seem 
to have been a priority a ftlWw g ft 
tt has been admittedly an ex- 
ceptionally busy period for us 
alL Few would, I think, disagree 
that individual membership is 
sow no longer of such “ impor- 
tance." As corporate bodies 
grow larger is he taken into 
consideration in the same way. 

This is a pity, not toast to 
the users of the Stock Ex- 
change. a great number of our 
settlement problems might 
have been solved sooner If it 
was individual members’ money 
tied -up, and if investors had a 
more personal relationship 
with their broken. 

I rather think that the 
decline in moral and financial 
standards is an exact correlation 
with toe decline of the stock- 
broker by profession compared 
to. as now demanded by corpo- 
rate strategy, the rise of the 
stockbroker by trade who is 
expected to earn as much as 
possible. 

Until Big Bang membership 
of the London Stock Exchange 
was synonymous with the 
highest of standards, backed up 
by a very considerable organisa- 
tion to ensure acceptance of 
such worthy objectives. We set 
a standard and an example well 
above our competitors in. this 

country and around the world. 
There was rightly criticism, and 
change was required In many 
practices. Have we now, how- 
ever, lost too much that was 
good in the old system? 

I do think that the general 
private investor wflj continue to 
expect high standards from 
members of the London Stock 
Exchange — as represented by 
its professional members, who 
are still around- Is the 
Council getting this message 
across to the general inrator? 

Indeed Investors should 
appreciate the advantages of 
dealing with members of the 
London Stock Exchange and its 
organisation. Zs • this - Stock 
Exchange Council fostering the 
importance of its membership 
enough if we are to remain a 
pre-eminent and valued body, 
to be recognised for our ad- 


vantages and those to our 
users? 

Hugh Harsden, 

28 Abbotsbury Rood, 

London W24. 


Civil aircraft 
outlook 

From Mr D. Lome. 

Sir, — A recent British Petro- 
leum statistical review of 
world energy showed the UK as 
having a crude oil reserve to 
production ratio of only five 
and a half years. As we cease 
to be a quasi-oil state there will 
be growing demands placed 
upon the exportation of manu- 
factured goods to offset a poten- 
tially disastrous balance of 
payments deficit. 

British Aerospace is UK's 
largest exporter of manufac- 
tured goods.' In reality 70 per 
cent of this is military equip- 
ment, potentially a less than 
lucrative business at a time 
when President Reagan is 
actively pursuing a Nobel Peace 
Prize. Peace will promote civil 
aviation, already a major 
growth industry for the past 40 
years; Civil aircraft division 
still accounts for 24 per cent of 
British Aerospace’s turnover 
and like aero engine manufac- 
ture is privileged to be one of 
toe few manufacturing indus- 
tries yet to experience the 
pressure of Far East competi- 
tion. 

Admiral Sir Raymon Lygo 
stated . recently: “We haven't 
really been in the civil aviation 
market” The size of turnover 
and rapidly growing losses of 
civil aircraft division, however, 
seem to indicate both substan- 
tial long-term involment and 
significant errors. The latest in 
a line of non-aviation chairmen 
attributes the problem to a 
weakening US dollar, yet the 
best of British civil aircraft 
have sold well in the past when 
the pound bought far more 
dollars. The rapid downward 
share price performance of 
both Rolls-Royce ' and British 
Aerospace compared with the 
Financial Times indices shows 
there is dearly a problem and 
one of then must ho the civQ 
aviation conflict between these 
two major British manufactur- 
ing companies. 

Sir Robert Hardingham an 
octogenarian and former chief 
executive of the Air Registra- 
tion Board, has publicly 
exhorted closer ctmperatioa 
between British Aerospace, 
Rolls-Royce. HMG, Airbus and 
British Airways. If manage- 
ment, Department of Trade and 
Industry and Government can- 


not or will not see toe true 
reasons for the current prob- 
lems they are unlikely to 
establish the correct long-term 
solutions in any sector of civil 
aviation manufacture. 

McDonnell Douglas and 
Boeing's strength in the 110-150 
seat sector has been achieved 
by careful evolution of jet air- 
liner airframes over two 
decades, a process Britain has 
failed to exploit 

A recent forecast predicted 
crude oil at $80 a barrel by the 
year 2000. Perhaps this is the 
reason why 17 foreign com- 
panies, including four signific- 
ant Japanese aircraft manufac- 
turers, are involved in unducted 
fan and Propfen programes. 
These power units promise fuel 
savings of over 30 per cent 
compared with current turbo- 
fan engines together with major 
increases in aircraft range. 

In the meanwhile Britain 
appears to have adopted the 
classical posture exhibited 
against Frank Whittle for over 
a decade In hoping that a major 
step forward in aviation engine 
technology will simply go away. 

Derek Lowe, 

Executfee Jet Sides, 

70 High Street, 

Newport Pagnel, Bucks. 

Independent 

capitalists 

From Mr M. Brinkley. 

Sir,— Samuel Brlttan’s article 
(October 1) “Capitalism and the 
under class" Is an enlightened 
and coherent statement of the 
best available future direction 
of the welfare state. There are, 
however, several points arising 
from the implementation of a 
state income system which 
were not touched upon by the 
article and which might have 
profound effects on both sides 
of the political spectrum. 

Given that there is now a 
near global sentiment that the 
state tends to he an inefficient 
supplier of sub-standard ser- 
vices, the logical reaction has 
been, up till now, to wind down 
the state welfare provisions and 
to encourage, greater individual 
initiative by lowering taxes. 
Were a state income system 
adopted for every Individual , 
the £60bn plus per annum 
spent by the state on the pro- 
vision of social security, educa- 
tion and healthcare could be 
redirected to the population as 
a basic income for each to de- 
cide how they would see fit to 
spend It At one stroke we 
would appear to be de-nanny- 


ing society and making it 
fairer. 

Furthermore the idea of a 
basic income is but the first 
step down this road. If are pur- 
sue the currently popular 
analogy of UK Ltd to Its con- 
clusion then why not pay out 
the fSObn as a dividend to the 
newborn of each year — it would 
amount to nearly £100,000 each! 
It could be held in trust for 
each child until they reached 
adulthood (which might be 
deemed to be an examination) 
and the income generated could 
pay for their education. There- 
after they would be free to do 
whatever they wished with the 
money on the understanding 
that the state would pr<vids 
absolutely nothing. 

To embark on such a route 
could be seen to be toe logical 
extension of Thatcherism — 
creating a society of wealthy, 
independent capitalists where 
the state concerns itself merely 
with defence, policing and im- 
plementing social and environ- 
mental standards. Alternatively, 
by altering the levels of state 
income (and the taxes that sup- 
port it), the left could use such 
a system to create a more 
equitable society while untying 
the Gordian knot of state con- 
trol which has proven so un- 
popular for them. 

Mark Brinkley. 

10 Edmard Street, 

Cambridge. 


Unit trust 
pricing 

From Mr B. Taylor. 

Sir, — I am very concerned at 
toe proposed new legislation 
that unit trust managers will 
not have to honour published 
prices for transactions either 
sales or purchases. 

The thing that concerns me 
most is the proposed intention 
that deals are to be transacted 
at a price ruling in the future 
and not toe price ruling at toe 
time of sales or purchase. This 
must be a charter for abuse by 
the unit trust managers and I 
know of no other transaction 
that can be entered Into in a 
" blind situation." It surely can- 
not be correct, if markets have 
moved excessively against toe 
published prices then unit trust 
managemer/; have the right to 
make a new price and I cannot 
see why anything should be 
changed from toe present 
situation. 

I think it would be much 
more relevant for guidelines to 
be laid down and strictly 
adhered to for the following: 
the time after a deal is trans- 
acted and contracts issued; the 
time for issuing of unit certifi- 
cates; and toe time for settling 
redemptions. 

Brian M. Taylor, 

The Old Vicarage, 

Church End, 

Potterspury, Northants. 


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FINANCIAL TIMES 


Thursday October 8 1987 


Bal four Bea tty 

for Refurbishment 

0932-231055 

ABlCCCoirpanyy 


£. 


in New York looks at Wall Street’s insider trading inquiry 

rosecutors need to impress the judges 


MR IVAN Boesky, the convicted 
Wall Street trader, is back at 
school. For a month, he has 
been going to classes at the Jew- 
ish Theological Seminary on 
Manhattan's Upper west Side. 

The place used to be his fa- 
vourite charity before he hand- 
ed over $100m to the US Govern- 
ment to settle insider trading 
charges last November. Now he 
goes there to read the Talmud, 
rabbinics and Jewish philoso- 
phy and history 
Mr Boesky may have rediscov- 
ered his ethical roots - then 
again, he may simply want to 
impress the judge who will sen- 
tence him on December 18 for a 
felony that can cany five years 
in jail 

But his prosecutors need to 
impress some judges much 
more urgently. 

Yesterday, the agencies 
which brought him to book, the 
Securities and Exchange Com- 
mission and the Justice Depart- 
ment, began a last-ditch de- 
fence before the US Supreme 
Court of the legal theory back- 
ing their campaign against In- 
sider trading on Wall Street 
Not many people think they 
will win. Defeat will probably 
not affect Mr Boesky’s sentence, 
but it will be one more blow to 
the wide-ranging inquiry into 
Wall Street practice. 

This investigation has become 
badly bogged down in both its 
main cases: an alleged insider 
trading ring at the firm's Kidder 
Peabody and Goldman Sachs 
and an attempt to prove a vast 
conspiracy to destabalise com- 
panies at Drexel Burnham Lam- 
bert 

”1 see defeat as complicating 
existing cases,' said Prof Alan 
Bromberg, an authority on secu- 
rities law at Southern Method- 
ist University in Dallas. It takes 
away the chief weapon for the 
SEC and the US Attorney in in- 
sider trading cases.’ 



Eight justices of (he Supreme 
Court yesterday began hearing 
the appeal of Mr Foster Winans, 
a reporter convincted in 1985 of 
insider trading on the grounds 
that he passed on market sensi- 
tive information about the stock 
market column he wrote for the 
Wall Street Journal. 

The lower court based its con- 
viction of Sir Winans on the 
so-called "misappropriation* 
theory which holds that it is not 
just a company official who can 
be guilty of insider trading in 
his company's stocks. An invest- 
ment banker or lawyer or other, 
advisor is stealing or 'misappro- 
priating' confidential informa- 
tion entrusted him tty the com- 
pany if he trades on the 


information, or leaks It for trad- 
ing purposes. In order to spread 
its net as wide as possible the 
SEC has been content to keep 
the theory vague. 

And it has worked. Misappro- 
priation was the basis for insid- 
er trading brought against Mr 
Boesky even though he was a 
lone wolf arbitrageur with no 
obvious responsibilities as an 
insider. 

The theory was convincing 
enough to scare two star invest- 
ment bankers - Mr Dennis Lev- 
ine of Drexel Burnham and Mr 
Martin Sigel late of Kidder Pea- 
body - to plead guilty to insider 
trading and inform on their col- 
leagues. Finally, the theory un- 


derlays the dramatic arrest last 
February to the three arbitra- 
geurs or professional takeover 
speculators, who allegedly op- 
erated the Kidder-Golman ring. 

But with Mr Win an the SECs 
enforcement division may have 
gone too far. Lawyers say that 
the Supreme Court would not 
have accepted the case for re- 
view if it had simply wanted to 
confirm the lower court’s rul- 
ing. In leaking the contents of 
his columns Mr Winans may 
well have misappropriated in- 
formation belonging to the 
Journal but he had no duty to 
the companies whose stocks 
were involved, they say. 

It is wholly arbitary to make 


the judgment depend on em- 
ployer-employee relations," 
Prof Bromberg said. "The Su- 
preme Court will reverse the 
conviction and rule that the 
misappropriation theory is in- 
sufficient for a criminal convic- 
tion.* says Mr John Stoppelman 
a leading securities lawyer in 
Washington. 

Even without Mr Robert Borfc, 
President Reagan's controver- 
sal nominee to the court, *lt is a 
conservative Supreme Court 
that does not want to see an ex- 
tention of securities law.* 

The Court’s decision, which 
will probably be handed down 
next month, is expected quickly 
to trigger a new insider trading 
law. Congress is already work- 
ing on a bevy of new definitions. 
After much hesitiation the SEC 
has agreed to seek greater pre- 
cision. 

But a new definition may not 
rescue the case against the 
three arbitrageurs at Kidder 
and Goldman who are staunchly 
defending themselves. Eight 
months after their arrest they 
have still to be indicted. 

Prof Bromberg and others say 
that the prosecution may have 
other legal weapons against 
them, so long as it can be 
proved that their information 
definitely came from clients 
rather than the market But the 
case is regarded on Wall Street 
as a key test of the quality of thei 
prosecution's evidence. Failure 
here will make it even harder 
for the SEC and the criminal 
prosecutors to gain co-opera- 
tion in its much more ambitious: 
investigation of Drexel Burn- 
ham. 

Ironically, the row over the 
Boric nomination could still 
save the case in the Supreme 
Court, and doom the unfortu-i 
nate Mr Winans. If the court 
splits 44, the conviction will be 
upheld. 


Indian troops alert 
after Tamil violence 


BY OUR FOREIGN STAFF 

INDIA yesterday ordered its 
peace-keeping troops in Sri 
Lanka to use force in a desper- 
ate attempt to restore peace 
and order in the north and east 
of the island where Tamil sepa- 
ratist guerrillas murdered near- 
ly 160 people in 24 hours. 

It was the worst violence to 
strike Sri Lanka since it con- 
cluded a peace pact with India 
on July 29 to tiy to end the four- 
year-old Tamil separatist re- 
volt. Sri Lankan officials said 
last night that at least 10,000 
Sinhalese bad fied from the 
eastern provinca 

The Indian Government ex- 
pressed 'deep shock and revul- 
sion at the wanton and brutal 
killings of innocent men, wom- 
en and children.” It blamed the 
Tamil Tigers, the largest of the 
guerrilla groups, although sev- 
eral rival Tamil groups are in- 
volved in the violence. 

A landmine under a military 
truck yesterday killed six sol- 
diers and injured 10 others in 
the northern Polonnaruwa dis- 
trict. Tamils also attacked a 
train from Batticaloa to Colom- 
bo on Tuesday night forcing the 
passengers out of the train at 
Valacfaenai and setting the car- 
riages ablaze. They then sepa- 
rated the Sinhalese from the 
rest and shot dead 40 of them. 


Some of the bodies were thrown 
into the burning carriages. 

At Lahugala in eastern Aro- 
para, Tiger gunmen ambushed a 
bus yesterday, killing 20 passen- 
gers. Tamils also stormed a 
farming village in Batticaloa- 
district killing 38 people, while 
another rebel group attacked 
several Sinhalese homes in Bat- 
ticaloa city, killing 17 men, 
women and child ren- 
in the Trincomalee district, 
two fishing villages were raided 
by Tamils who shot and hacked 
to death 27 men, women and 
children. Four people were 
killed in an attack on a Sinha- 
lese village near the northern 
city ofVavuniya. 

The level of violence is now 
reaching the proportions pre- 
vailing before the peace accord 
was signed between President! 
Junius Jayawardene and Mr Ra- 
jiv Gandhi, the Indian Prime 
Minister. 

"The Government of India will 
not hesitate to use the strongest 
of measures to deal with all 
those who seek to undermine 
the implementation of the In- 
do-Sri Lankan agreement India 
will use aii the force at our com- 
mand to preserve peace and 
communal harmony,' said a 
spokesman in New Delhi. 

Sri Lanka's blood bath. Page 3 . 


UK inquiry into 
Chappell takeover 


BY DAVID WALLER M LONDON 

WARNER COMMUNICATION'S 
$200m agreed acquisition of 
Chappell & Co, the world's lar- 
gest and longest established 
musical publishing company, 
has been referred to tbe British 
Monopolies and Mergers Com- 
mission. 

The inquiry will concentrate 
on the effects of the takeover 
within the UK markets for pub- 
lishing and recording music. In- 
ternational issues are not likely 
to be considered, and Warner 
confirmed yesterday after the 
announcement that the acquisi- 
tion had been formalised. 

Mr Geoff Holmes, a senior 
vice-president of Warner, 
speaking from New York, said 
that its existing UK subsidiary 
and Chappell's London 
operations would be run sepa- 
rately until the commission had 
concluded its investigations, 
which will be within four 
months. 

The referral follows an inten- 
sive lobbying campaign from 
IMPACT - the Independence for 
Music Publishing Action Group 
- which has argued that the ac- 
quisition by the US entertain- 
ments group would signal the 
death-knell to the livelihoods of 
the musicians in the UK by put- 
ting a squeeze on their income 
from royalties. 


Ms BixgStta Lembke said that 
Warners, with wide interests in 
film, television and the music 
would have a vested interest in 
reducing royalties because it 
would be both consumer and 
supplier of music. 

IMPACT also argues that the 
remaining independent houses 
would suffer under such condi- 
tions. 

The position for musicians 
was worsened by the likelihood 
that their fixed royalties would 
be abolished under the present 
Copyright Bill, to be enacted in 
the next session of the Britsh 
Parliament 

This is difficult to measure 
and IMPACT and Warner are at 
wide variance. 

IMPACT argues that the near 
group - with rights to a total ofj 
some 650,000 songs - including! 
those of Irving Berlin and Cole 
Porter as well as Madonna and 
U2 - would have some 80 per 
cent of the UK market Warner 
disagrees, putting the figure in 
thre low-teens. 

Founded in London in 1811, 
Chappell's was admired by Bee- 
thoven and Dickens. It has since 
expanded into 22 countries and 
was sold by Polygram to a group 
of investors - the current ven- 
dors - in 1984. 


Continued from Page 1 

party such as the Roman Catho- 
lic Church. 

Mr Reagan repeated his call 
for the withdrawal of Soviet bloc 
and Cuban advisers in Nicara- 
gua. Bat his generally concilia- 
tory tone showed he is aware that 
he must take a more diplomatic 
approach if he is to have any 
chance of securing renewed 
funds for the Contras from Con- 
gress. 

He left open the timing of his 
$270m aid request. Congressio- 
nal opponents have warned that 
a request for aid before Novem- 
ber 7 - the peace plan's deadline 
for a ceasefire - coaid sink the 
agreement. Bnt they have also 
warned that Mr Reagan does not 
have enough votes in the House 
and Senate to secure military 
aid. 


M’Bow leads in Unesco vote 


BY IAN DAVIDSON IN PARIS 

MR AMADOU MAHTAR M’BOW 
of Senegal last night emerged as 
the front-runner in his bid to 
win a third term as Director 
General of tbe United Nations 
Educational, Scientific and Cul- 
tural Organisation (Unesco). 

But the 18 votes he secured in 
this first round of voting by the 
Organisation’s SO-member ex- 
ecutive board was well short of 
the absolute majority required, 
and he was more closely chal- 
lenged by the 16 votes of Mr Ya- 
qub Khan, Foreign Minister of 
Pakistan, than many observers 
had predicted. 

The remaining 16 votes were 
split among six other candi- 
dates. A second round of voting 
takes place today. 

Last night's vote followed two 
days of bitter procedural wran- 
gles in which Mr M'Bow and his 
supporters in Africa are pitted 
against his opponents in the de- 
veloped world. 


The atmosphere was flirther 
soured yesterday by the resig- 
nation of Mrs Gisele Halimi, 
French representative on the 
executive board, in protest 
against her Government's sup- 
port for Mr Sababzada Yaqub 
Khan, the Pakistani Foreign 
Minister. 

Mrs Halimi said that Mr Ya- 
qub Khan, who served in a gov- 
ernment which came to power 
as a result of a military coop, 
would be an inappropriate 
choice. 

However, the French Govern- 
ment insisted that Mr Yaqub 
Khan's “personal qualities can- 
not be questioned.* 

The battle for the post of di- 
rector-general is certain to 
leave Unesco more deeply di- 
vided between North and 
South. If Mr M’Bow is victori- 
ous, the organisation will de- 
cline farther in its internation- 
al reputation and importance as 


a result of the increasing disaf- 
fection of the Western member 
states. 

The objective of the M’Bow 
lobby therefore has been to pre- 
vent last-minute compromise 
candidates who could master a 
winning coalition against him. 

On the first count, the West 
secured a minor procedural vic- 
tory on Tuesday with a decision 
that there would be a break 
(presumably of at least a day) 
between the rounds of voting, of 
which there can be five. 

Even without Mrs Halimi’s de- 
nunciation, it is unlikely that 
Mr Yaqub Khan could muster 
an outright majority. Western 
countries have been counting 
on a last-minute outside candi- 
date. M'Bow supporters have 
tried to block this by arguing 
that no new candidate can be 
put forward once the first round 
of voting has started. 


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US banks lift prime rate 


Continaed from Page 1 

rates were inevitable. The cru- 
cial six-month Eurodollar rate 
yesterday morning was at 
around 8% per cent. 

Meanwhile, yesterday's up- 
ward shift in West German rates 
confirms the important role of 
.repurchase agreements in the 
Bundesbank's management of 
its monetary policy. 

However, the Bundesbank 
.faces a delicate balance in 
^countering what it sees as infia- 
tionary expectations and maln- 
i taining Germany’s already lack- 
lustre economic growth this 


year. 

Mr Poehl has maintained that 
German interest rates are not 
set to go up in the longer term - 
partly to prevent the D-Mark 
from rising farther against the 
dollar. 

German financial markets re- 
acted predictably to yesterday’s 
news, with the Commerzbank 
equity index falling 25.8 to 
1972.6 after a 20.4 drop on Tues- 
day. Leading shares were down 
almost across the board, while 
the bond market also turned 
easier. 


W German 
coal jobs 
threatened 
as sales fall 

By David Iteah fin Bonn 

AS MANY as 30,000 West Ger- 
man coal miners may lose their 
jobs over the next few years as a 
result of sharply falling hard 
coal sales and a government 
plan to cut subsidies. 

Mr Martin R»mg*niinn, the 
Economics Minister, said yes- 
terday the Government would 
be unable next year to maintain 
production subsidies for coal- 
mining at this year's level of] 
about DMIObn ($5_46bnX 
Speaking after two days ofj 
talks in Bonn with coal-mining; 
unions and employers as well as 
representatives of the electrici- 
ty utilities, Mr Bangemann said 
overcapacity in the coal mines 
was between 12m tonnes and 
15m tonnes, or about one sixth 
of present production. 

*We cannot possibly go on fin-: 
ancing this overcapacity,* he 
said. 

The Government’s firmness 
on subsidies, combined with the 
efforts of electricity utilities to 
try to cut tbe amount of coal 
they have promised to burn in 
power stations in coming years, 
is likely to herald considerable 
public wrangling over job cats. 

Last week’s agreement on job 
reductions in the steel industry, 
in which 34^00 jobs are to go by 
1989 at a cost of more than 
DH2.5bn in redundancy pay- 
ments, is likely to set an exam- 
ple for the prospective coal : 
dundancles. 

This could also make any pro- 
spective package expensive for 
taxpayers. 

The coal industry’s annual 
production, although down to 
less than 80m tonnes from 111m 
tonnes in 1970, is still surplus to 
demand, above all because of a 
large cut in sales to steel com- 
panies. 

As a result of the D-Mark ap- 
preciation, as well as the open- 
ing of cheap mines in countries 
such as South Africa, the list 
price of Ruhrkohle, the largest 
West German coal company, at 
DM280 per tonne, is almost 
three times the free market in- 
ternational level of DM9Q. 

Electricity utilities, under a 
long-term programme estab- 
lished in 1980, have agreed to 
buy about 46m tonnes of hard 
coal a year until 1995 to burn in 
power stations. 

However, Mr Bangemann’s 
declaration of a prospective cut 
in subsidies may put this accord 
in danger. 

The utilities receive a subsi- 
dy, raised as an extra levy on 
electricity bills, to compensate 
them for burning expensive 
German coal rather than im- 
ported o!L 
This so-called "coal penny* 
currently 7.5 per cent of elec- 
tricity bills, makes up a large 
slice of total coal production 
subsidies. 

It is to be reined back gradu- 
ally to 4 per cent by 1995 under 
the plan outlined by Mr Bange- 
mann. 

Tbe Economics Minister 1 
seems prepared to face proto 
from the utilities over the pro- 
spective fall in their compensa- 
tion. 

He said yesterday that some 
of them had been making "wind- 
fall profits* from the sehem e 


THE LEX COLUMN 

Prime time 
rate rise 


■The half point rise in US prime 
rates is the sort of move which 
might have been expected to 
strike terror in the financial 
markets, coming a day after 
West Germany had nudged its 
own interest rates higher and 
amid speculation that Japan 
might raise its official discount 
rate. But in the event the imme- 
diate response to the general 
rise in worldwide interest rates 
has been muted, with bond 
prices firming and equity 
prices, in London at least, 
quickly recovering from tbe ini- 
tial shock. 

Given that three-month euro- 
dollar rates have risen by over 
100 basis points since the US 
raised its discount rate a month 
ago, the half point rise in US 
lending rates is long overdue. 
.After ail, short-term rates in Ja- 
pan and West Germany have ris- 
en equally sharply over the 
same period and the US can be 
said to be merely following the 
market. However, the fact that 
US prime rates are a lagging in- 
dicator should not disguise the 
delicate task facing the world's 
various monetary authorities as 
they try to react to the per- 
ceived worries of the world's fi- 
nancial markets while not chok- 
ing the world's modest 
economic growth. 

Concerns about inflation and 
above-average monetary growth 
have taken a heavy toll on most 
major bond markets recently, 
and however misguided these 
fears may be, the markets want 
to see signs that the authorities 
are willing to take decisive ac- 
tion sooner rather than later. 
The UK, to its credit moved 
more quickly than its partners 
by raising its interest rates two 
months ago, and the latest 
moves fit into the same pattern. 
Provided the current round of 
tightening is sufficient to allay 
the bond markets' very real 
fears, the equity markets should 
not be overly concerned by the 
latest moves. 


STC 

Share Price relative to FT-A 
AB-Shara index 
160 



90 

Ocf86 


Oct-87 


Dixons 

There is no disgrace In Dix- 
ons’ decision to pull its new is- 
sue in the US, given the poor 
state of the retailing sector on 
Wall Street Had the issue gone 
ahead, the obvious risk was that 
all 8.5m shares placed would 
have winged their way back to 
the UK. depressing a share 
price which has been reason- 
ably firm since the ADR was an- 
nounced. Once the market had 
grasped that yesterday, it re- 
versed the early fall in Dixons’ 
shares to close them up 3p at 
385p. 


One concern is that the grim 
trading news from the likes of 
The Gap. which triggered the 
slump in speciality retailing- 
shares in the US in August, 
might also signal a poor show- 
ing by Dixons’ Silo electrical 
stores. Dixons maintains that 
Silo sales are 10 per cent up at 
present, which is rather better 
than the competition has man- 
aged. Given the fragmented 
state of the market, Dixons can 
hope to repeat its UK success 
there even if consumer spend- 
ing has to slow as part of the 
effort to reduce the trade defi- 
cit Indeed, when current year 
multiples on Dixons' US rivals 
are around 10 or 12, compared 
with its own ML5. there is every 
chance that Dixons will be 
wanting to use its shares as cur- 
rency in the US soon. It did not, 
after all, postpone the listing. 

STC 

In spite of a 10 percent rise in 
STC's share price over the past 
two days, the market is still in 
two minds over the link-up with 
Northern Telecom. Supporters 
point to the scope for putting 
STC's transmission equipment 
into North America, and North- 
ern Telecom’s switching equip- 
ment into the UK But It is un- 
clear how much difference STC 
can make to Northern's Europe- 
an selling effort Whereas 
Northern can doubtless help 
STC sell in the US, this is a 
crowded market In which to 
translate sales to profits. 

Again, given that telecoms 
mate up only around 30 per 
cent of STC’s profits at present, 
the strategy looks a little like 
the telecoms tall wagging the 
ICL dog. The degree of conver- 
gence between telecoms and 
computing within STC is still 
open to question, and there 
seems no special reason why 
Northern should be able to de- 
rive more benefit from STC’s 
computer side than can STC itr 
selL 


Nevertheless, the rise in the 
share price is readily under- 
standable. ITTs 24 per eem 
stake had for a long while hung 
over the market, particularly 
since it looked for a time as if n 
might be disposed of pieccmeaL 
The new shareholder has gone 
to some lengths to display its 
commitment, to the extent that 
a full bid looks not impossible 
on a longer view. The market 
has meanwhile shaken off its 
worries that STC was abont to 
do something silly, such as bid 
for Ferranti. At 316ITP, the 
shares are rated in line with 
GEC and well below higher fli- 
ers in the sector. Whatever ben- 
efits STC may get from its 
Northern Telecom link-up arc 
thrown in pretty cheap. 


Beil Resources 

How galling it must be for the 
solid corporate toilers. First 
they have to put up with their 
stakeholders stealing the busi- 
ness limelight, then they must 
watch them filling up with 
cheap capital courtesy of low- 
coupon bonds convertible into 
those stakes. In the case of Mr 
Robert Holmes a Court's A5lbo 
issue, convertible into part of 
his BHP stake, it is. however, 
fair to add that its evident popu- 
larity stems in part from the 
management skills he can pro- 
vide BHP. 

There is some talk of Bell Re- 
sources knocking the BHP price 
by providing yet another way in- 
to the company and indicating, 
at least to the uninitiated, that 
Bell Resources may be ready to 
reduce its holding. Depressing 
the price in this way would have 
the benefit of making a full bid 
for BHP a little cheaper; but. it 
would probably be a by-product 
of an exercise which is de- 
signed primarily to cover tbe 
holding cost of some large equi- 
ty investments in Australia. 

Nonetheless, as we expect 
from Mr Holmes a Court, the is- 
sue throws up several attractive 
alternatives. As Bell Resources 
is the vehicle, the new cash 
might be used to increase pene- 
tration of the oil business 
through raising stakes in Pio- 
neer Concrete or even Texaco. 
If the issue contributes towards 
acquiring the Elders’ stake in 
BHP. and thus the long-sought 
management control, there is 
the advantage that Bell now 
gains from both under and over 
performance by BHP. Buyers of 
the bonds clearly expect strong 
performance in the medium 
term, however the management 
question is resolved, although 
they may find conversion more 
difficult than they expect. 


NEWS 

REVIEW 


BUSINESS 

Ferranti 
flying high 

The Ferranti Inertial Measuring 
System (IMS) aboard Ariane 
worked perfectly to put the 
payload precisely in the required 


ADVERTISEMENT 

I MERGER 


at following the recent success- 
ful launch of V19. The Ferranti 
IMS is the heart of the 
and control system 
Ariane’s third stage. 

Ferranti has also pnm 
tance with the development of 
inertial gu dance systems for the 
Japanese H-l launch vehicle. 
Having achieved two successful 
launches this programme is mak- 
ing steady progress towards 
achieving Japan's national goal 
to move into the commercial 
satellite launch market. 


FIDS for Zagreb 

A Ferranti Flight Information 
Display System (FIDS; has been 
installed at Zagreb Airport, 
Yugoslavia. 

The Ferranti FIDS system 
replaces an existing system and 
was part of a general refnrbiab- 
raent of Zagreb airport for the 
Tlfarld Student Games this year. 
The system comp ris es a Ferranti 
Arens computer, operator termi- 
nals, 20 TV monitors and 
associated cabling. In addition, it 
anD drive new Omega mosaic dis- 
play boards. 


Briefly... 


Ferranti Defence 
been selected to 

head-up displays and weapon 
aiming computers as part of a 
nuyor avionics upgrade prog- 
ramme for the Canadian Forces 
Northrop CF-5A fighter aircraft. 
A substantial Middle East 
onto 1 from RP. for fhelifapena- 
ing equipment has beat won by 
the Fsri Dispensing Group of 
Ferranti Industrial Electronics. 


International Signal 


On 21 September, the boards of 
Ferranti and International Sig- 
nal & Control Group announced 
their agreement to merge their 
companies to creates major new 
force in international defence and 
civil electronics. The merger is to 
be effected fay an offer of 9 new 
Ferranti shares for every 5 ISC 
shares. 

Ferranti shareholders will hold 
69% and ISC shareholders 41% of 


the combined equity respect iv ely. 
Tbe group will nave historic tur- 
nover of approximately £1 billion 
and profit before tax of £86 mill- 
ion. ISC shareholders’ dividend 
income will increase 83% over 
last year. 

Both boards and their financial 
advisers are recommending the 
merger and the offer docu- 
ments have row been sent 
to shareholders. 


CAD/CAM 


Spanish hi-fi 


Fenanti Infographics has just 
won on order, against stiff opposi- 
te® from Intergraph, to supply 
Spanish hi-fi and electrical pro- 
duct manufacturer, Elbe, with an 
electro-mechanical computer- 
aided design and miwnfartpp n n 
CAD/CAM solution. 

The w innin g solution comprises a 


combination of CAM-X. the 
Infographics mechanical CAD/ 
CAM system, and VTSULA, 
Racal-Redac's electronic demgn 
package, running on two DEC 
VAXstataon II/GPXs. The order, 
worth around £100,000 was 
oJuKhed by ISIS, distributors of 
CAM-X throughout Spain. 


DEFENCE 


Joint venture study 

Hunts 


r fr% u wwtut 

lunter/Ferranti joint venture tor 
a Feasibility and Project Defini- 
tion Study of replacements for 
the Assault Ships HMS Fearless 
’ HMS Intrepid. 


the MoD is now 

v . The expertise 

developed durmg that project win 
be applied to the new prog- 
ramme, and to other vessels to 


q, . - . , — mi umer vessels to 

The two companies have success- the needs of the world's 

folly completed and delivered a naviea 







Financial Times Thursdav October 8 1987 

INTERNATIONAL APPOINTMENTS 


Chairman quits job at 
Silicon Valley founder 


LOUISE KEHOE IN SAN FRANCISCO 


HR DONALD W. BROOKS, presi- 
dent and chief executive of Fair- 
child Semiconductor cleaned out 
his office and quit his job last 
Friday following the announce- 
ment that . the US Justice Depart- 
ment had- cleared the/acquisition 
of Faircblld by its *rival, -National 1 
Semiconductor. - 

Hr Brooks’ departure came as 
no surprise. He was bitterly disap- 
pointed last month when Fair- 
child’s parent company, 
Schlumberger, the oil sendees 
based concern, approved 
National's bid of $122m to acquire 
Fairchild over a competing bid by 
a Brooks led management i**" 

Hr Brooks, who issued no 
announcement of his resignation 
and could not be reached for com- 
ment, was said by colleagues to bb 
concerned that the National 


takeover might lead to heavy lay- 
offs and M kill the company that 
was really the beginning of Sili- 
con Valley.” Fairchild was Silicon - 
Valley's first commercial chip 
maker and the progenerator of 
several of today's leading US 
semiconductor Onus. 

Although National has still. to 
complete the formalities of the 
acquisition, Ur Brooks apparently 
(bit that it was a “ done deal ” and 
left to take a long vacation before 
considering his future career 
path. 

The sale of Fairchild brings to 
an end a bitter dispute over the 
future of the company. When it 
became clear, last year, that 
Schlumberger wanted to unload, 
the loss- making semiconductor 
operation, Ur Brooks orches- 
trated the sale of a controlling' 
Interest in. the company to Fujitsu ' 


of Japan. Fujitsu, which bad 
agreed to pay $200m for an 80 per 
cent stake in Fairchild, eventually 
Withdrew its bid in the face of 
mounting political opposition 
from Washington. At the time, Ur 
Brooks blamed executives of com- 
peting Silicon Valley chlpmafcen 
for kindling the Washington 
protest 

Ur Brooks second attempt to 
H save ” Fairchild was a proposed 
management buyout that 
Schlumberger rejected. 

Ur Brooks joined Fairchild in. 
1983 and became chief executive 
in 1985. He made considerable 
progress towards turning the com- 
pany into profitability after seve- 
ral years of losses, bnt the world- 
wide semiconductor slump of 
1984-5 hit Fairchild just as it was 
about to turn the comer. 


Switch at Rockwell International 


ROCKWELL INTERNATIONAL 
Corporation, the Pittsburgh- 
based concern involved in milit- 
ary aircraft, electronics and; 
other areas, plans to appoint Ur 
Donald R. Beall to the post of 
chairman and chief executive in) 
succession to Ur Robert Ander- 
son, whlis to retire in February.! 

Mr Beall, who is currently: 
president and chief operating; 
officer, will retain the title ofi 
president 

No appointee has yet been 


named to succeed Mr Beall as Montedison, the Italian-based 
chief operating officer. chemical concern. The sale sur- 

* * * prised Mr Giacco. 


HR ALEXANDER F. GIACCO,. 
the former chairman of Her- 
cules, the US industrial con- 
cern, has resigned from the 
company's board. 

Ur Giacco has been chairman 
of Himont since he retired as 
Hercules' chairman in Man-h 

Hercules last month sold its 
38-5 per cent stake in Himont to 


BANKVERMONT Corporation - 
has announced that Ur Ken- 
drick F. Bellows has resigned! 
from the position of president 
and chief executive officer of. 
BankVermont and its subsidi- 

S Bank of Vermont, to pursue- 
er business interests. : 


AirPlus 

makes 

changes 




By Oar Foreign Staff 
THE AIRPLUS COMPANY 
announced the appointment of 
Ur Cathal Hull an, assistant 
chief executive, commercial, 
Aer Llngus, as the company’s 



Mr Cathal Molten, the new' 
chairman of AirPlus 

chairman. Mr Million succeeds 
the late Ur Claude C hr isle who 
was vice-president product 
development and sales policy, 
Swissair. 

Mr Ar m in Danme joins the 
AirPlus board as representative 
for Swissair where ne is general 
manager and chief accountant 
Mr Cathal Mullan joined Aer 
Lingua in 1957 having trained in 
commerce and public admini- 
stration. He was in addition to: 
senior personnel appointments, 
in Aer Lingua, 


Seagram promotion 
moves in Europe 


SEAGRAM EUROPE, the 
offshoot of the Canadian con- 
cern that is the world's biggest 
distiller, has announced a num- 
ber of promotions to its execu- 
tive committee, which oversees 
Seagram’s operations through 
14 companies in 10 European 
countries. 

Mr Alain Trocqueme, general 
manager or Barton & Guestier in 
France, has been appointed 
area vice president for Spain 
and Portugal, while retaining 
overall responsibility for Bar- 
ton & Guestier. Mr Trocqueme 
has been with Seagram for 12 
years. Barton & Guestier claims 
to be the leading exporter of 
French still wines and a major 
distributor of Scotch whiskies, 
such as Glenlivet and Balia n- 
tine’s, in France. 

Mr Giovanni Marotti, general 
manager of Seagram Italia, 
becomes a vice president. Sea- 
gram Italia counts itself as the 
largest importer of spirits in 

Mr Paul Breach, area vice 
president for the UK takes on 
the extra responsibility of Bel- 
gium and Holland. 

Mr Ron Trego ni ng, senior vice 
p resid ent finance and admi- 
nistration adds business 
development to his responsibi- 
lities. Mr Tregoning who joined 
Seagram in 1975 has been par- 
ticularly responsible for Pan- 
European project development 
• * * 

WESTINGHOUSE ELECTRIC 
Corporation, the diversified 
electronics company, based in 
Pittsburgh, has appointed Mr 


Harry F. Murray, currently con- 
troller for Westinghouse Energy 
and Advanced Technology 
Group, a subsidiary within the 
group, executive vice president 
and chief financial officer, with 
effect from January L reports 
Reuter. 

Mr Murray is to succeed Mr 
Leo W. Yoctaum, who is retiring. 

Mr Robert F. Pugliese. cur- 
rently senior vice president for 
legal and environmental affairs, 
is to beeme executive president 
for legal and corporate affairs, a 
position newly created. 

In addition, Mr John R. 
McCIester, president of 
Westinghouse Financial Ser- 
vices is to become chairman of 
that subsidiary on January 1. 

Mr William A Powe, senior 
vice president for capital finan- 
cing at Westinghouse Financial, 
is to replace Ur McCl ester as 

E resident and will also replace 
im as chief executive officer of 
the subsidiary when he retires 
on April 1. 

The changes are being made, 
the company says, to help 
assure a smooth transition when 
Ur John C. Marous succeeds Ur 
Douglas D. Danforth, the retir- 
ing chairman, as chief executive 
on January 1. 


CULLINET SOFTWARE presi- 
dent, Ur George W. Tamke, has 
announced the election of John 
M.D. McIntyre as vice-presi- 
dent— European Operations 
and Jeffrey P. Papows, vice- 
president— marketing, as offic- 
ers of the corporation. 


SENIOR INTERNAL 
AUDITORS 

ABU DHABI 

US$30,000-US$50,000 p.a. 

The Abu Dhabi Investment Authority seeks 
Internal Auditors. 

Candidates must be qualified accountants. 
Knowledge of computer auditing and 
experience in financial institutions will be an 
advantage. 

The Contract will be for 2 years initially, 
renewable thereafter. Salary will be negotiable 
and free of local tax. Free accommodation and 
attractive benefits will be provided. Details 
will be discussed at the interview. 

The successful candidates will be involved in 
the audit of portfolios of securities, 
commodities and real estate, and the 
supporting treasury and accounting functions. 
The work also entails the evaluation of the 
adequacy and effectiveness of systems and 
controls and the preparation of detailed 
reports. 

Please send a comprehensive career resume, 
including salary history and telephone number 
to 

Internal Audit Manager 
Abu Dhabi Investment 
Authority 
PO Box 3600 
Abu Dhabi U.A.E. 


D 




Accountancy Appointments 



Finance Director 

£40,000 package + substantial benefits 


Thfepubficcximpanyteafast growing market leader in the 
supply of home entertainment products. The company's 
creative ability, combined with its extensive seffing and 
cfetrfoution system, has enabled it to respond 
- successfully to changes in tfie markets’ requirements. 

In order to support current growth inducing worldwide 
expansion, the company requires a Rnanoe Director 

Reporting to the Managing Director, the Finance 
Director wfll assist in implementing the group expansion 
programme and have complete responsibiity forth© 
finaicial operations of the business foduefing group 
reporting; corporate budgeting and planning; cash 
management; taxation; systems development; financial 
and rnanagefnentoonkois;buBineB8deveioprnBritand 
acquisition a pprai sa l. 


Arthur Young 


CancRdates should be chartered accountants In their 
early 30s to early 40s with initiative and entrepreneurial 
Bear combined with a strong commerci a l awareness 
gained preferably through managing the flnan o e function 
of a competitive test moving sales and marketing led 
company. Experience of computer based accounting 
systems is important along with having a results oriented 
approach and strong intapersonal skis. High tevete of 
drive and ambition will bo necessary to achieve profit 
targets and business objectives. 

Please ro^y in conscience, giving concisa career, 
personal and salary detals to; 

Michael Fahey, ReLER955, Arthur Young Corporate 
Resourcing, Cftadei HOuae, 5-11 FOUer Lana, 

London EC4A1DH 


AMEWBER OF ARTHUR YOUNG INTERNATIONAL 


I NTERNATIONAL P UBLISHING 
n iVISIONAL C ONTROLLERS 


London 


To £25,000 p»a. + car 


WebaTCbeenrefeuoedtoreCTuftanumlteofrrcentfyrpiaiifiedacc^ 

aspects of finance ^^axlniaii^eineiKwHhaviewtoassim^overaDre^xmsib^ for one ofseveral operating dhriskra 

Our efient is one of the most sought after employers in the jpubfishing aim with a phHosopb|r which encourages 
mtmiate inirolvwiMmthyfiiMi^ managers in the profitable development of concepts and new titles. 

TV fflyypgdiil canefidate wfli be a graduate qualified accountant aged 24-27 with a broad range of interestebeyond 



In the first instance please telephone on01-4884114or write quoting reference 
AD71 to Ian RHetheringfim or SmKxiHewitL consulted 


UNQUALIFIED 

ACCOUNTANT 


Mid 20's required tty leading 
motor vehicles distributor to 
assist company secretary 
(must be currently studying) — 
salary negotiable. 

Send CV to: 

Company Secretary 
Broadfiekfs Garage 
Limited 

Standard House 
Cockfostm, Barnet 
Hertti EN4 ODH 


CHIEF ACCOUNTANT 

Unit Linked Pensions 

from £30,000 + car, mortgage etc 

A dominant force In its market, our dient is a substantial subsidiary of one of the UK's most 
powerful finandal services groups. As part of a major reorganisation it is relocating next 
August from London to prestigious new offices in Berkshire. 

The resultant restructure of this unit linked sector of our client's business necessitates the 
recruitment of a manager for the accounting function. The responsibilities embrace all 
aspedsof unit pricing, accounting and management and statutory reporting. 

This is a challenging role for a qualified accountant with proven line management 
experience, ideally gained in a unit linked environment 

A competitive salary will be negotiated and benefits indude a car, subsidised mortgage, non 
contributory pension and relocation assistance where appropriate. 

Please write with fufl career details or telephone David TodBSqFCA 
quoting reference D/6S3/HF. 


- I I.O'i I ) M \ \ \< .1 \lf N i -m' l< -rf it >n ( ■ xi'ulLitiN 1JT Hrj;h H«»llx>’rn London H< 1\ OI-JOVM'i 


E- 

2 

U 

2 

5 

<3 

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s 

C 


Busy 2 partner firm of 
Chartered Accountants in 
North East London require 2 
recently/newly qualified 
Chartered Accountants to 
progress quickly to 
partnership. 

Top salary and benefits. 

Telephone: 

S. P. Putnam, Ashfields 
01-530 5037. 


EUROPEAN FINANCE 
DIRECTOR 

INTERNATIONAL SERVICE ORGANISATION 


London 


c. £37,000 plus car, etc. 



Our client is a fast-moving US-owned service organisation where 
the European business is developing quickly. 

A finance director is sought who can manage and coordinate both 
the commercial and accounting functions in Europe. There will be a 
requirement to be involved in overall business issues as well as accounting 
detail, and generally to operate to procedures and timetables established in the 
US. The post will entail considerable cravdL 

Applicants must be qualified accountants and be within die age range 35 
to 45. It is essential to possess senior level experience of working in a US-owned £ 
organisation, ideally in a service industry like advertising or public relations. £' 

The ability to speak French or Spanish will be an added advantage. #■ 

This is an expanding and ambitious organisation where there will be J J* 

opportunities for advancement and personal development. 

Please write, in confidence, to 
Michael Ping enclosing a 

curriculum vitae and quoting ■■■■■n — , o x x ri * 

reference F056P. E&||| tmSt & Whlliney 

Executive Recruitment Services 
Becket House, I Lambeth Palace Road, London SEl 7EU 




Housebuilding/ Construction and Consumer Products 


1 


Midlands 

£25,000 -£30,000 plus car + bonus 




Our efient is a highly successful and 
fast expanding pubfidy-quoted industrial 
group of autonomous companies with 
exciting growth prospects both in the UK 
and overseas. The entrepreneurial flair 
and strength of the Board is reflected by 
recent record profits and phenomenal 
growth which has necessitated the 
creation of an additional two divisions 
within the group, each having a turnover 
In excess of £50ra 

In fine with the group policy of 
exercising strict financial control at the 
divisional level, the company is now 
looking to appoint a Financial Director to 
each of the two new divisions with a brief 
to assist the Divisional Chief Executives 
to maximise the profit potential of the 
areas under the* control This wffl be 
achieved by ensuring that dhrisionaf 
subsidiaries operate and maintain the 


highest lews! of financial control and 
management information systems. The 
analysis and critical review of this infor- 
mation is seen as vital to the continued 
growth and development of the Company. 

These new positions wil be respon- 
sible for a house buikfing/construction 
division and a consumer products 
division. The Group strategy to further 
extend its operations in these areas win 
entail the Directors instigating and 
managing major capital expenditure 
projects. In addition this expansion wifi 
also mean a significant involvement with 
the investigation of potential acquisitions. 

The requirement is for two high calibre 
executives who are currently heading up 
the financial function of substantial UK 
Companies. Probably aged 30*40, you 
will be able to demonstrate experience 
of operating strong finandal manage- 


ment and controls and an ability to guide 
and direct companies in line with 
corporate objectives. It is a specific 
requirement that candidates for the 
Construction position possess extensive 
construction, preferably house building 
experience. The Consumer Products 
Division Director wifi possess a manufac- 
turing/consumer products background. 

These are seen as vital and 
challenging appointments and will not 
suit those seeking a passive role. 

Candidates should write In strict 
confidence enclosing a full CV and salary 
details quoting MCS/8755 to Gary Bimey, 
Executive Selection Division 

Price Waterhouse 
Management Consultants 
Livery House 
169 Edmund Street 
Birmingham B32JB 


Price Waterhouse 



APPOINTMENTS ADVERTISING 

£43 per single column centimetre 

Premium pasHoas wifl be charged £52 per single column centimetre 

Fur further information coil 01-248 8000 

Tessa Taylor Drindrc Venables 

ext 3351 ext 4177 

Elizabeth Rowan Paul Maravigiia 

ext 3456 ext 4676 













Financial Times Thursday October 8 1987 


Outstanding 
Chartered Accountants 


You will be looking for an oppor- 
tunity to work closely with the top 
management of leading industrial and 
financial organizations on their most 
important strategic problems. 

You will be aged between 27 and 
30 and have had a demonstrably out- 
standing career with a top international 
accounting firm. Your professional 
experience must include proven suc- 
cess in managing audit, tax, consulting 
or investigation work for major com- 
panies or financial institutions. In 
addition to your ACA you must also 


have exceptional academic qualifica- 
tions and a record of achievement and 
distinction in other activities. 

The prospects of advancement 
and the intellectual and financial 
rewards for successful consultants are 
excellent 

If you are interested in becoming 
a consultant with McKinsey, and con- 
sider that you have the necessary 
qualifications, please send a complete 
CV to our recruitment consultant, Nick 
Baker FCA at Cardinal House, 39-40 
Aibermarle St, London W1X 3FD. 


McKinsey & Company 




ASSISTANT TO 
FINANCIAL CONTROLLER 


Financial Services c. £25,000 plus car 


and have a good practical knowledge of the use 
of computers. Personal qualities and She ability 
to supervise staff and liaise effectively with 
senior managers are vital ingredients for this 
position w hich, in addition to basic salary, will 
be rewarded with a car and first class medical, 
pension and life assurance schemes. 

Please write with full career details, quoting 
reference T3999, to John W Hills, noting any 
companies to winch your e-v. should nee be 
fbnrankd. 


Our client is a substantial well established Gty 
based insurance company specialising in 
worldwide reinsurance and investment They 
wish to recruit an assistant to the Financial 
Controller who will be responsible for the 
forecasting and statistical functions, ftwnripw, 
and die further development of computer 
based systems. 

Candidates, young qualified ACA/ACCAs, 
should preferably have a background in 
insurance, be familiar with statistics and tax, 


’eat Marwick McLintock 


Executive Selection and Search 

9 Creed Lane, London EC4V 5BR 



GROUP FINANCE DIRECTOR 

- Service Industry PLC - 


ACAs • ACMAs • CIPFAs • ACCAs • MBAs 


BASED WEST 
OF LONDON 


£35,000, BONUS, CAR, 
BENEFITS, SHARE OPTIONS 


With a current turnover of £25m pa, my client is a UK market leader in a sector worth over £5bn pa 
and for which even further growth is forecasted. 

The Group's outstanding success in achieving a national presence in a fast-moving, highly competitive 
business has been earned by aggressive marketing and pricing, supported by rapid availability and 
stringent stock control of 25,000 products. Turnover is planned to grow by 400%, both organically 
and by acquisitions, creating the opportunity to share substantially in the results. 

Working closely with the M.D., the priorities will be to develop systems, provide strong functional 
management to the trading divisions and plan for future growth, using a 11 hands-on ” management 
approach. 

Candidates, graduate FCA's, will be aged 35-42, with senior line management experience, gained 
ideally in a multi-site retail/distribution environment. Computer literacy, drive and the assertive 
personal skills to relate to a dynamic management team are essential. 

Please write enclosing a detiled CV, including salary, quoting REF: FT 108 to: — ' 



Monty Grigg BSc, MEPM 

Haines Watts 
Recruitment Services 

Palladium House 
1-4 Argyll Street 
Loudon W1V1AD 




Your ticket to a start in 
Management Consultancy 

Venue: 

THE INSTITUTE OF DIRECTORS 
Wednesday 21st October. 6pm -8.30pm 

Are yon: If you have all the technical and personal skills to 

become a management consultant, you will undoubtedly 
have a lot of questions ofyourowruTo find our the facts about 
a move into management consultancy, come along to the 
Institute ofDireetars on 21st October. 



Corporate Finance 


London 


Our client, a major PLC, needs to expand its 
prestigious Corporate Finance team to match 
expanding business requirements. 

Working closely with City institutions - you will be 
involved in a wide range of U.K. and international 
projects, including acquisitions, major capital 
expenditure proposals and business plans. 

The successful candidate must be a 
graduate Chartered Accountant - with a 
good academic record, trained with a 


To €35,000 + Car 

major international practice, aged 27-35, have 
experience of corporate advisory and funding matters, 
and be able to demonstrate a high level of commercial 


awareness. 



The remuneration package is highly negotiable. 
Interested candidates should write, enclosing a 
comprehensive curriculum vitae and daytime 
telephone number, quoting ref. 455 to 

Jon Anderson ACMA, Executive Division 
at 39-41 Parker Street, 

London WC2B5LH. 


Michael Page Partnership 

International Recruitment Consultants 
London Bristol Windsor St Albans Leatherhead Birmingham Nottingham Manchester Leeds Glasgow & Worldwide 

A member of Addison Consultancy Group PLC 


+ A graduate qualified 
accountant? 

♦ Or an MB A with good 
accountancy or financial 
experience? 

+ Aged 26-30? 

+ Able to demonstrate a first 
class academic record? 

+ A high achiever? 



Vfe have invited representatives from Dekritte Haskins 
+ Sells and the Internal Business Consultancy of Shell to 
give you an informal presentation about the practical aspects 
oflife as a consultant 

Places are strictly limited, so early applica tion is 
essential. Entrance by ticket only. 

I” □ I w^d like to attend the Seminar on 21st Oaober "1 

I cannot attend but would like to meet a consultant to 1 

□ discuss career opportunities | 

1 cannot attend but would like a copy of the Management I 

□ Consultancy Career Pack | 

Nan* -Age 

Address 


Phone: Heme. 


Office. 


L Pate of qualification : i 

MUfTCV J 


IDtscreun assured) | 


Management Consultancy Recruitment Division 

Douglas <g> ll ambi as 

LONDON • LIVERPOOL • MANCHESTER • ABERDEEN • EDINBURGH • GLASGOW 
DOUGLAS LLAMBIAS ASSOCIATES LIMITED. 410 STRAND, LONDON WC2R ONS 


TELEPHONE: 01-836 9501 


GLOBAL CAPITAL MARKETS 

Our client, a subsidiary of a lead ing Top 50 International bank has recently formed a London based securities operation 
and now seeks to recruit two key individuals: 

Age 25-35 £ negotiable Age 20-mid 30s £ negotiable 

CHIEF ACCOUNTANT HEAD OF SETTLEMENTS 


The experience sought is likely to have been gained 
over a three to five year period within an International 
trading organisation. 

The character profile required is me of enterprise and 
assertiveness as there is a fundamental need to ensure 
acceptable procedures and effective controls. 

Some previous supervisory experience would also be 
preferable since the supervision of a number of junior 
staff is envisaged for the near future. 


“...a track record of outstanding contribution ..." 

Finance Manager 
International Business Services 


The position will carry the responsibility for the design 
compilation and reporting of all financial information. 

The successful candidate will be a qualified accountant 
preferably with financial services experience. 

The personal qualities sought are a high degree of 
enthusiasm and commitment and a willingness to be 
extensively involved in a rapidly expanding operation. 

Efforts will be recognised by a substantial earnings 
package. 

For further details please telephone Richard Parnell (Chief Accountant) or Anna Marshi (Head of Settlements) 
01 - 930 7850, or write giving brief details to the address below. 

ROBERT ♦ WALTERS ♦ ASSOCIATES 

RECRUITMENT CONSULTANTS 
66-68 Haymarker London SW1Y4RF Telephone: 01-930 7850 


South London 


£30-35,000 4- carSsd benefits 


on 


TWs appointment is with tbe London headquarters of a presfigioos 
budness services organisation which has 4,000 staff and a turnover 
approaching £l$0m in tbe U-K. Planning for tbe future in a high 
growth competitive environment has led to tbe creation of fills new 
position, reporting to tbe Croup Finance Director. 

Your job will be to ad as an agent of change within tbe finance 
function. You will be responsible for tbe process of systems 
enhancement from design to implementation, with tbe support of a 
professional team Yon will need to take account of the impact on 
management reporting, internal controls and computer systems. 
Aged bie 20s to early 30s, with a recognised accounting 
qualification, you will have at least 3 years commercial experience 
in a substantial services organisation noted for its progressive 
management style. You are comfortable operating in a fast 


communications 
are exeeflenL 

ifl^foconfidence with details of 
qualifications. 


Mottte 

Hjwkill f i fl nUr 








Financial Times Thursday October 8 1987 


FINANCIAL MANAGERS 


LEADING U.S. INVESTMENT BANK 


C.£60,000 

THE COMPANY:- 

The London affiliate of this prestigious US. 
Investment Bank, primarily active in international 
securities trading and the capital markets. 


THE VACANCIES:- 

Managing departments of approximately fifteen staff, 
responsible for management reporting and analysis 
of trading activities for both senior management and 
traders. These openings relate specifically to the 
departments supporting debt securities trading and 
money market trading. 


Aged 29-34 


THE CANDIDATES 

Professionally qualified accountants, aged 29-34, 
possessing strong inter-personal communication and 
management skills, currently exposed to debt and 
money markets. 

THE COMPENSATION 

Substantial base salary, bonus, company car. 
subsidised mortgage and non-contributory health 
and pension schemes. . 


Please write in strict confidence enclosing full cv. and quoting Ref. FM9/10. Please list in a covering letter 
any companies to which your application should not be forwarded, as all replies will be forwarded 
direct to our client 



Smedley McAlpine Recruitment 

67 Long Acre, Covent Garden, London WC2E 9JG 





WestLondon 

Due to sustained growth from both a successful programme of 
acquisitions and continued growth within the construction and 
property development market, our client has identified a need for 
commercially aware ACA’s to contribute to the company's future 
business development. 

Responsibilities will involve preparation of corporate plans, 
budgets, forecasts and ad hoc exercises assisting the Finance 
Director In addition there is also the opportunity to participate in 
the Group Treasury function. 


£ Negotiable 


Candidates should be young, highly motivated Accountants with 
the ability to work without supervision. As the positions will 
involve extensive exposure to senior management, confidence 
and excellent interpersonal skills are essential pre-requisites. 

In return for your commitment and performance the rewards in 
terras of both remuneration and career development are 
excellent. The package will include contributory pension and a 
company car within a qualifying period. 

Interested applicants should telephone Mark Gilbert on 01 930 
7650 or write giving brief details to the address below. 


ROBERT ♦ WALTERS * ASSOCIATES 

RECRUITMENT CONSULTANTS 
66-ss Haymaikei London SW1Y4RF telephone: 01-8307850 


III 



Financial Accountant 

To £19,300 (plus car scheme) 

Remarkable success is being achieved in the regeneration of London Docklands. The 
scope of the Development Corporation's task includes direct investment in an extensive 
project programme of reclamation, transport and services infrastructure, and 
environmental works as well as sales, marketing and business development activity and 
site disposal for housing and industrial/commercial development Expenditure, funded by 
grant and (and disposal receipts is planned at £150m in the current financial year. 

The processes of financial management and control in a resutts-onentated environment 
are therefore varied and demanding and give the opportunity for close and direct 
involvement with a range of programmes. 

This appointment is an opportunity for a Financial Accountant to take day to day 
responsibility for the effective running of the accounts function including payments and 
receipts, cash balances and reconciliations with a support team of five. 

Candidates should hold a recognised UK accountancy qualification and be able to 
demonstrate their capability in a dynamic environment as well as their potential for 
development to higher responsibility in the Corporation. 

Please write for an application form ter. Chris Woodman, Personnel Officer, 
London Docklands Development Corporation, West India House, MiUwall 
Dock, London E14 9TJ. Returnable by: October 23, 1987. 

An Equal Opportunities Employer- 




Ccanpany Secretary 



£ Negotiable 
West Sussex 



Our client b a very significant 
member of a reputable group which is 
in the top 10 in world manufacturing 
and is an international name in 
hydrauSc technology 

Its manufacturing base and 
headquarters in West Sussex 
produces hydraulic and electronic 
products for the home and overseas 
markets. It is ateo the financial 
accounting centre for proctoctJon and 
for UK sales. 

Reportingtothe Managing Director 
you will form part of a team dedicated 
to developing and expanding the 
business to the nxjstcosteffec^ 
and profitable way More specifically 


your role is to maintain and develop 
financial systems, exercise appropriate 
financial control, produce short and 
long term business plans, and advise 
on financial pofipy and procedures. 
Additionally you wiH be responsfole for 
the computerised management control 
systems. 

Wb are seeking a qualified 
accountant with at least 10 years post 
qualifying experience In a manufactur- 
Ing environment which Incorporates 
machine shop batch production and in 
which computerised accounting and 
manufacturing systems are utffisecL 
The successful candidate is likely to be 
already hokfing a senior financial 


position In an engineering environment 

The rewards package includes a 
negotiable salary a fufiy expensed car; 
BUFW, and pension arrangements. 

The position offers an Ideal 
opportunity to enter an organisation 
which is structured to expand and 
which is receptive to change. 

Please write enclosing a fid CV, 
indicating your ctment salary and 
quoting ref MCS/5091 to 
Barrie Whitaker 
Executive S e l e ctio n 
Price Waterhouse 
Management Consultants 
No. 1 London Bridge 
London S£L SQL 


Price ffhterkouse 


W 1 


FINANCIAL ACCOUNTANT 


c. £18,000 + GAR 


WHAT SIGNS SHOULD YOU BE 
LOOKING FOR IN A NEW CAREER? 


/ 


ookto Research Machine's Financial 
Department and you'll be looking at a 
management team whose job it is not 
only to account for where we have been, 
but also to signpost where we are going. 

And as one of the microcomputer 
industry's fastest growing success stories, 
we are going to some very interesting 
places indeed. 

Very much a commercially driven role, you 
will provide the vital link between our Financial 
Department and such areas as Sales and Marketing. 

There'll be a lot of exposure to customers, 
financial institutions a nd senior management 
so you mustn't be afraid of making important 
decisions. And taking responsibility for them. 

Much of your efforts will be directed to man 
management and you'll be expected to motivate 
and manage the Accountancy Team, developing 
your personnel skills as we expand. 

Day to day accountancy fu nctions will also tie 
important and as the company quickly grows, you'll be 
directly influencing and developing new financial systems 
and structures. 


JKJ -rr 

fc ^ - 5>uc dfs a ^ 



Your input will have a fundamental 
effect on Senior Management decisions, 
and so our requirements are understand- 
ably stringent 

A graduate and qualified Accountant 
you will have a minimum of 2 years post 
qualification experience. On a personal level 
astute commercial awareness will need to be 
combined with a strong desire to develop your 
career up to the highest level. 

What we offer in return is the chance to work fora 
company whose future success will be directly attributable 
to the sophistication of its financial accounting policies. 
Apart from the highly competitive salary, there's a 
wide range of benefits including a company car, B.UJ’A 
and relocation assistance where necessary 

To find out more, call us on Oxford (0865)726136, or 
send your curriculum vitae to The Personnel Department. 
Research Machines, Mill Street, Oxford OX2 OBW. 

Research Machines is an equal opportunities employer 
and vacancies are open to all people irrespective of race, 
sex or disability 


RfN. 

RESEARCH MACHINES 



MERCHANT 

BANKING 

Newly/Recently 
Qualified Accountant 


Alder wick 
Be ache 11 

CB PARTNERS LTD 


City c £20 ,000 + Mortgage Benefits 

A tare opportunity for a Newfy/Recenffy Qualified 
accountant to enter the Investment Management arm of 
a Bi^ 8 UK Merchant Bank, with a view to progressing Into 
Broking or Dealing. 

Your initial responsibilities will include the provision 
of investigative analysis of listed companies, while 
developing existing management information systems 
and modifying intra-group charging methods. 

Aged 23/27, the successful ACA/ACCA/ACMA need 
not have previous exposure to the Financial Services 
sector as foil training will be given, but should be able to 
demonstrate a personal, informed Interest in its ongoing 
activities. 

Please contact NICOLA LENDRUM Ref: 4373 on 
01-404 3155, at ALDERW1CK PEACH ELL & PARTNERS 
(Financial Recruitment Consultants), 125 High Holbom, 
London WC1V 6QA. 


FINANCIAL DIRECTOR 

(Designate) 

Cambridgeshire up to £25k + car 

Our Client, a wed respected group of companies within the Computer Industry, has 
experienced significant growth over several years and plan a Stock Exchange listing. They 
seek a Financial Controller (Financial Director Designate) who win take the Company through 
tWs stage of their development and make a positive contribution to the on-going growth of the 
Organisation. 

Applicants, who will be professionally qualified, will have a proven track record of managing 
an Accounts Department, interpreting and advising on financial information and handling 
statutory requirements. Previous contact/knowledge of the City and related financing will be 
an obvious advantage. 

The successful applicant will identify themself through a proven record of generating respect/ 
creditability with other members of a professional and demanding management team. 

!n addition to a commencing salary of up to £25,000, the Company offers an exciting 
employment package induong a car and a share option scheme. 

Please apply, supplying fufl details of your career and nporianca to date to 
Chris IL Dryden, Personnel Consultant quoting reference 540/30. A (totaled profile 
on the Company and position wM be subsequently forwarded to ail appficants. 

Professional Personnel Consultants Limited 
G«*wjn Houm, (taiga Stmt. Hundngdan. Conte. 

T^tphoooHaXJngdon (0480)41 11 11 
^’•MfgRBMtn^wanr' 


5 



- NEWARK • MANSFIELD • LONDON • IPSWICH 


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CHIEF ACCOUNTANT 

Sussex £ negotiable + car 

The Tilbury Group is engaged in a wide variety of 
construction activities which includes a rapidly expanding 
Property Development Division based at Burgess HilL 
This Division now requires a qualified Accountant (ACA or 
ACC A) ideally with some experience in the Property 
Development and Investment field, to work closely with the 
Finance Director. Management accounts, reports and 
budgets are produced and monitored on a monthly basis, 
and the post holder will also take responsibility for financial 
accounts. Extensive use is made of computerised systems 
and candidates should be able to demonstrate relevant 
experience. 

An enthusiastic, shirt-sleeves approach is required. 
Preferred age range is late-twenties to early thirties. The 
position will attract an excellent benefits package including 
Company car and law cost pension fund. 

Please apply in writing to: Mr liain Jone s ■ Per sonnel 
Officer, TO Services Lid., Tilbury House. Rusper Road, 
Horsham, Wed Sussex RH12 4BB. 

We are an equal opportunity employer 


Tilbury 

VISIBLY NATIONWIDE HP MAIDSTONE • DARLINGTON 


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Executive Search and Selection Consultants 
A MEMBER OF BLUE ARROW PLC 


Financial Director 


Process Control Equipment 

East Midlands, c £30,000, Car, Bonus 

This division, port of a significant international group, is a leading supplier of 
process control equipment and systems for the process and energy industries. 
There are several European facilities with a combined turnover of £50m and a 
total of 600 staff. Reporting to the Director of Operations, the successful 
candidate will take overall responsibility for the divisions finance and 
accounting functions through the controller of each facility. Applicants ideally 
aged 30-40. must be qualified accountants, preferably ICMA, with a strong 
manufacturing background, who have managed the total accounting function 
at controller level. Some familiarity with US and multinational accounting 
requirements Is desirable. Of key importance is the ability to lead the executive 
team in the financial direction of the business. The division is expanding 
significantly and there are excellent career opportunities for a strong, 
committed and decisive individual with the ability to operate at the strategic 
planning level in b complex environment. The fringe benefits include a car, 
si gnifican t bonus and relocation where applicable. 

M. Stein, Hoggett Bowers pic, 1/2 Hanover Street, 

LONDON, W1R 9WB. 81-734 8353. Ref: H1701S/FT 

Financial Controller 

Plastics Machinery 

Berkshire, £25,000 Negotiable, Car, Benefits 

This challenging role for a young qualified accountant is in a manufacturing 
division of a major publicly quoted engineering group. The operation markets 
and produces complex individually commissioned machines lor a worldwide 
clientele and is a market leader in its field. Responsible to the Managing 
Director and with a strong interface to the associated US operation, this role 
demands considerable interpersonal and systems skills as well as a high level 
of technical accounting expertise. The management of a IS strong of 
accoonts/DP staff and exposure to senior personnel throughout bis 
international sector will prepare the individual for progression to a senior 
financial role in the group, either UK or overseas based. Applicants 
aged 30-35 must be qualified ACA/ACMA/ACCA, preferably with 
international company experience. Personal qualities will include high 
anal yti (^/communication skills, strong self-motivation and the ability to work 
under substantial pressure. 

S.JJL Nicholson, Hogged Bowers pic, 1/2 Hanover Street, 

LONDON, W1R BWB, 01-734 3852. Ref: H1B013/FT 

Financial Director 

West of Scotland, c £22,000, Bonos, Car 

A career opportunity for a qualified accountant with a breadth of industrial 
experience to play a key role in the development of a profitable manufacturing 
company with an ongoing programme of product development and capital 


also contribute to the success of ue business through the effective 
management of the personnel, purchasing end MIS functions. Candidates, GA, 
ACMA, A CCA, ideally aged 30-40 must nave a successful track record gniimri 
within manufacturing industry, utilising computerised information systems. 
Personal presence aria drive, combined with commercial awareness, are 
essential as are the interpersonal skills necessary to achieve results through 
people. Conditions of employment are excellent including private health cans 
and share options, coupled with the opportunity for career progression within 
a major UK group. 

D.C. Bvurgon, Hogged Bowers pic, 28 St Vincent Piece, 

GLASGOW, Gl 2DT, 041 221 2385. Ref: G14021/FT 


Assistant Controller 


international UK Group 

West London, c £22,000, Car, Benefits 

The majorpart of this multinational engineering group’s diverse interests are 
overseas. To strengthen the Head Office finance function, this newly Grante d 
role will play an important part in developing concepts of financial analysis 
utilising sophisticated MIS programmes and in increasing the present advice 
and assistance to group companies worldwide. International travel will feature 
regularly in the role and Its high exposure will prepare the incumbent for rapid 
progression within the group /pic, either inJthe UK or abroad. fianHiftenm 
should be recently qualified ACA/ACMA/ACCA in their mid to late twenties 
with commercial post-qualifying or relevant professional experience. 

The negotiable salary is enhanced by a company car and comprehensive 
-benefits.- - 


S.J.A. Nicholson, Hoggett Bowen pic, 1/2 Hanover Street, 

LONDON, W1R BWB. 01-734 6882. Ref: H1B011/FT 

Financial Controller 

Engineering 
Kent, c £22,000, Car 

The company, part of a substantial international group with an international 
reputation in its field, has a current turnover of £30m with a total of 800 staff. 
Reporting to the Financial Director, the successful candidate will take full 
responsibility for the management accounting function Including 10 staff, the 
emphasis of the job being analysis, budgeting, forecasting and financial 
modelling, together with management accounts and costing. Applicants must 
be fully qualified, preferably ICMA, with a good systems background and 
they will need to demonstrate an analytical and practical approach to the 
problems of a manufacturing environment A significant investment 
programme and Increased focus on each key business sector is resulting in 
solid overall growth and It is planned that in due course the successful 
candidate will take over some of the Financial Director’s responsibilities. The 
normal large company benefits are offered together with a relocation package 
where appropriate to this very attractive location. 

M. Stein, Hoggett Bowers pic, 3/2 Hanover Street, 

LONDON, W1R BWB, 81-734 8852. Ref: H17014/FT 

Financial Director Designate 

Lincolnshire, 

Package To £20,000, Bonus Opportunity, Car, Relocation 

This is an opportunity to become involved in a greenfield manufacturing 
situation. The client is a newly formed subsidiary of a diverse private holding 
group and is embarking on the establishment of a substantial manufacturing 
company, the products being high value processing plant sold into worldwide 




manufacturing accounting experience inclu 


I ») * [. PT>v ' 




accountable role with group reporting requirements. A full board appointment 
is envisaged in the short term. The benefits include a substantial bonus 
opportunity and fuD relocation assistance to an attractive area. 

P.A. Addeney, Hoggett Bowers pic, 7 Lisbon Square, 

LEEDS, LSI 4LZ, 0532 44866L Ref: LU023/FT 

Financial Analysis & Control 

A Development Opportunity with Excellent UK 
and Overseas Prospects 

West of London, Close To M25, To £20,000, Car 

This Is a superb opportunity to gain wide ranging accounting and analysis 
experience at the centre of a fast moving, progressive British multinational 
business. After 2-3 years you will be well equipped for promotion to a senior 
financial position with an operating unit in the UK or overseas. You will be 
responsible for analysing and interpreting financial information from four 
major profit centres. You will have the use of a sophisticated management 
information system and a considerable proportion of your work will be special 
projects and non-routine assignments. Including acquisition evaluations and 
Integration. You will enjoy a high profile with senior management at 
headquarters and in the operating companies. Some overseas travel is assured. 
A qualified accountant in your mid ZO'S - early 30's, your experience In the 
profession or In Industry will have given you an appreciation of headquarters 
accounting and consolidations. You will need good communication skills. 


accounting and consolidations. You will need good communication skills, 
initiative and flexibility to join this committed, lively team. The benefits 
package is very attractive and includes relocation assistance where appropriate. 
S.P. Splndler, Hoggett Bowers pic, George V Place , 4 Thames Avenue, 
WINDSOR, SLA 1QP. 0753 850S5L Ref: W11021/PT 


These positions are open to male or female candidates. Please telephone far a Personal 
History Form to the relevant office, quoting the appropriate reference. 


FINANCIAL DIRECTOR 

SMALL FULLY LISTED PLC BASED IN LONDON WEST END 
SEEKS AGGRESSIVE FINANCIAL, DIRECTOR 
The company has recently been dramatically transformed and returned to profitability within the 
tradingfengLueermg sector. Future plans are for growth by acquisition. 

A very exciting opportunity exists for the right person. Ideally an accountant by training and 
30/40 with experience in acquisition and restructuring, 
package including share options will he offered. 

Box AQ689, Financial Times, 10, Cannon Street, London, EC4P 4 BY. 


APPOINTMENTS 

ADVERTISING 


£43 

per single column 
centimetre 

Premium positions 
will be charged £52 

per single column 
centimetre 

For farther information 
call 01-248 8000 

Tessa Taylor 
ext 3351 

Deidre Venables 
ext 4177 

Paul MaravigKa 
ext 4676 

Elizabeth Rowan 
ext 3456 



Financial Controller 


International Bank 
- City 

c £35,000 - £40 ,000 + banking benefits 


The London subsidiary of a well 
established European bank wishes to 
appoint a financial controller to its 
senior management team. The role 
will be to develop and run the 

accounting function in line with the 
continuing expansion of the bank's 
activities. 

Reporting to the General Manager 
the person appointed wffl take full 
responsibility for the maintenance of 
strict financial accounting standards, 
for improving management information 
systems with particular regard to risk- 
management and profitability reporting. 


further developing the bank's EDP 
systems and monitoring the treasury 
function. There will be considerable 
opportunity to participate fully on 
matters of policy and commercial 
banking strategy as part of the senior 
managementteam. 

Candidates should be chartered 
accountants with around 5 years’ 
experience in a small to medium sized 
bank, having gained substantial 
experience in introducing and 
developing computerised financial and 
management accounting systems- The 
personal qualities of drive, leadership 


and self-motivation are essential. 

The remuneration package, 

including an attractive base salary and j 
normal banking benefits, wW be I 

negotiated with the successful 
candidate. 

Candidates should write enclosing i 
a full CV and salary details quoting 
reference MC5/ 2002 to [ 

Christopher Baintcn ! 

Executive Selection Division j. 

Price Waterhouse j 

Management Consultants I 

No. 1 London Bridge j 

London SE19Ql> \ 


FINANCIAL ACCOUNTS 

c£20-£30,000 

"We are currently acting on behalf of several 
internationally renowned stockbroking institutions who 
are looking to fill a number of financial accounting 
positions. There are a variety of roles available ana 
although prior experience within the financial services 
sector is preferable, it is by no means essential. 

The successful candidate should be a qualified 
Chartered Accountant with a good exam record and the 
determination to succeed in a competitive environment. 

For further details on the above positions please 
contact Joe Redly or Alexander South on 01-583 0073 
(or 01-870 1896 outside office hours). 

COMPANY ACCOUNTANT 

£19,000 + Car 

Our client, an expanding company based in Centra] 
London with interests in die UK and overseas, wishes to 
recruit a newly qualified Chartered Accountant with a 
good academic background for ahead office role. 

The successful candidate will be involved with annual 
accounts, group profit forecasts, debenture issues and 
various ad hoc projects. Candidates, preferably from one 
of the big 8 firms, must display good accounting skills and 
a good commercial acumen. 

Prospects for career development with the group are 
excellent and this position represents an ideal first move 
for a young accountant wishing to leave the profession. 

For further details please contact Hugo Hunt on 
01-583 0073 who will treat all enquiries in strict 
confidence. 


Badenoch & Clark 


THEFINANCIAI.* LfiOACRECHtimeBNT3FBClAIJ9T* 
TS-IBNCWBRIDGE STREET. BLACKF1WARS. LONDON BO*. 
6 LLOVDS AVENUE. LONDON EC3- 


Australian Investment 
Company 

Financial 

Controller/ 

Company 

Secretary 

’NX&stEnd to £40000 + car 

Our client is establishing a UK operation and seeks 
an unusual and gifted individual to look after all 
aspects of Finance, Administration, Operations and 
Compliance. This will ewer the commissioning of an 
office, the setting up of systems, purchasing and 
leasing of equipment eta He/she will report to the UK 
Managing Director and will need to be the type of 
person who can join an operation ai its inception and 
develop with it 

Our Client is an Australian cwned investment 
organisation and is part of a highly entrepreneurial 
international financial services group. The UK 
company’s activities will centre on fixed interest and 
equity dealing, investment and acquisitions. 

The role calls for a qualified accountant aged between 
28/38 with a background in the Banking or Securities 
field. He/she wffl need Company Secretarial experience 

and will also be highly computer literate. This is the 
ideal opportunity for a generalist who likes to be 
involved in an aspects of a dynamic company which 
win remain smaH in terms of people employed. The 
person appointed can expect to become involved to 
take-overs and corporate finance work in due course. 
A high degree of interpersonal skills is also important 

{prospects for the right individual are considerable. A 
highly attractive remuneration package will be offered 
and this could later include equity participation. 

Please apply in confidence to either Colin Barry or 
Caroline Magnus, at Overton Shirley and Bany Prince 
Rupert House, 64 Queen Street; London 6C4R 1AD. 
Tel: 01-248 0355. 

It is essential that your application is with us by 
Thursday 15th October, as our client will be in London 
in late October. 

Overton Shirley & 


Rice Waterhouse 


Controllers 

Tonbridge Kent Package to £35,000 + Car 

We have been retained by Fidelity International to advise on the appointment 
of two Divisional Controllers. Both positions are newly created, a result of the 
sustained and continuous growth of the business. 

Service Division 

Embraces Unit Trusts, HELP'S and Banking. Working closely with the 
Director; the Controller will be involved in providing management 
information, and forecasting profitability. This is a very demanding position 
requiring a tough, practical, well disciplined accountant capable of organising 
and controlling a test moving operation. 

Systems Division 

Providing the computer systems for all di visions. it is a large department, 
currently the biggest IBM 38 installation in Europe. It is however intended to 
upgrade to a main frame in 1988 which will entail considerable involvement in 
the change oven In conjunction with the Director, tile Controller wifi be 
required to analyse the services provided. Additionally will establish a system 
for measuring financial results for multiple products and ensure profitable 
management of the business. Requires an Individual with wide systems 
exposure. 


Applications are invited from qualified accountants aged 30/40 with broad- 
based technical ability gained either in manufacturing or a service industry. 
Initially in a “shirt sleeves" role, the successful applicants will be charged with 
developing their own teams. 

Package embraces salary and bonus, benefits include company car, non 
contributory pension scheme, private health, plus relocation costs and 
disturbance allowance where applicable. 

Applications to: R. J. Welsh. 


Reginald Welsh & Runners 1 Ad 

. • a:XC-JVA\C £>E.: u T :V£.?iC^c;'-EN'C0%Sv.’A',^S 
:23. 4 NeA-gateSr-eet. London. EC2A 7AA T-: 01 60C8«8" 


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FINANCIAL 

MANAGER 

Driving developments 
in motor retailing 

c.£20,000 + car Ipswich 


Motor Retailing is one of today* fastest 
changing markets and most exciting 
business environments. It is particularly so 
within the Lex Automotive Group, an 
organisation that comprises the leading 
names in their respective quality product 
fields. 

Within the Group, Lex Brooklands 
operates to major Vblvo dealerships. Our 
finance function at Ipswich is a centre of 
expertise that provides accounting support 
for all Lex Brooklands' activities, including 
sophisticated group accounting facilities 

for the UK business plus a foil accounting 
service for our London operations. 

We now seek a high calibre finance 
professional to head a team of 18, ensu ring 
that effective services are provided and that 
goals are achieved - frequently within a 
pressurised environment. 


V\fe are looking for a dynamic, qualified 
Accountant with 2-3 years’ post- 
qualification experience. You should be 
familiar with computerised systems and 
must have a background in a ‘blue-chip" 
company, preferably in retailing or a 
related sector. A fluent communicator, 
skilful man-manager and tactful diplomat, 
you will be mobile and flexible and eagerly 
ambitious to move up and around - not just 
in Lex Brooklands but throughout the Lex 
Automotive Group. 

Salary will be around £20,000 p.a., 
enhanced by a folly-expensed Vblvo car, 
comprehensive benefits package, 
assistance with relocation where 
jgproptae and genuine prospects for 

If you are ambitious to drive new 

developments in an exc&ng and expanding 

market sector, please send a fofiev. to: 

Ian McConagjhy, 

FtafStmnd Manager, 

Lex B rodda nds limited, 

Ariston Howe, London Road, 
Loudwater, High Wycombe, 
Buds HPH 1 he. 



Lex 

automotive 






to Personal Financial 
Planning Partner in 
Robson Rhodes 
£ 16 - 20,000 


Tins is an unusual opportunity for a young and enthusiastic 
person to be the Personal Assistant la our PFP Partner 
The scope tor further development is excellent. 

Robson Rhodes is a leading national practice of Chartered 
Accountants with on esrabfshed reputation lor specialist 

advice on pensions and insurance as weti as inter- 
national and personal tax planning strategies. 

Vbu will be attracted to this postion by the chance 
lo devise innovative financial planning strategies lor 
an existing portfolio ot influential private cfienis. many 
of whom ore in Itie financial services industry in the City 
or are dsreclors of lost-growing companies. You will also 
lake on a key role' in develop)' and promoting a national 
PFP marketing programme 

Probably aged under 30. you must have a strong 
commercial awareness and an interest m clJ aspects 
ol taxation winch will probably have been gained 
in accountancy or slocfebrahing Equally important 
ate good communications and inter-personal skills 
and the oMfty to organs? and execute your own 
work. 

To apply please wnte with lull OJ to 

ROBSON RHODES 

IV Chartered Accountants 

Phifoppa James (Miss). Recruitment Manager. 
Robson Rhodes. 1 86 City Road, London EC1 V 2NU 







* £ ; c £ ;. 4 Kr 


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CE DIRECTOR 


Our client is a specialist contract engineering company engaged in both 
project management and the design and nmnnfa rhira nf machines and 
components. As an autonomous subsidiary of an internationally respected 
Group, the company has particular expertise in the management of ru 11 -scale 
turnkey projects both at home and abroad. Impressive recent order gains will 
boost turnover from a current level of £27 million to £50 million in the next 
two years, with significant growth projected into the next decade. 

The Finance Director will he a key decision-making member of die 
senior management team with total control of the accoupting. 
administrative and personnel functions and an immediate brief to take 
responsibility for the continuing development and application of I.T Systems. 
Stan motivation and development will form an important part of day to day 
activity, and the successful applicant will be expected to contribute to 
decision -making across the complete range of business activities. 

Suitable candidates will be mature, qnalified Accountants aged to 40 with 
manufacturing or contract engineering experience and who can demonstrate 
the broad range of business skills required to analyse complex situations,, 
determine priorities and generate effective action at all lerals: The position 
carries a substantial remuneration package including relocation- §g^i 5 tectce , . 
where appropriate. 

Please apply directly toour Advising Consuitam John Woodcock at 

Robert Half, Kensington House, Suffolk Street, Birmingham Bl 1LN. 
T el ep hone 021-643 1663, evenings 0386 750962. 



Financial Director 

Manufacturing/Retailing c£60>000 plus car 



The last three ycara have seen exceptional growth in this Yorkshire 
based publidy quoted group Profits and earnings per share have 
increased fivefold and turnover has doubted to oner £200m. 

Such dynamic expansion ha< highlighted rhr need CO appoint a top- 
flight Financial Director to the Holdings Board. 

This is a cmdal role covering overall financial cancol of the 
company’s operations; which air becoming increasingly diverse and 

in tt»rt»ntinnal_ Tn arfrfmnn rn rfu* fl^uiwfay mtma gr m, nt nF nil 
anfii nring and infru inut Min systems SCXOSSa number of profit Centred 

divisions the person appointed will work dosdy with the Chief 

FT^,tw aTvlTfrv»fHrrd1w>pii»<nT^*h» stratum- planning 

and direction of the entire business. Major emphasis will be 

plarwl tm wt planning, fhe pmfiwhlf harvflitig «r V ’ 

currencies, placement of cash and on dealing with the City 

and tfia yy rrtyiffTnr^tfy, Fmmmq) 

potential acquisitions and ofrew developments will also be ■ 


m 


key responsibilities. 

Chartered Accountants, in their raid-thirties to early forties should 
have headed up the financia l function in a marketing driven multi-site 
operation. Ideally this will have included a background in manufac- 
turing followed by an impressive track recondu a customer services 
industry nsmg advanced computer based systems. Acquisitions and 
other investignive exp erie n ce m an imp o rtant requirement, 
to personality tmns, assertiveness and good imerpcreonal dolls, 
combined with original thinking capability and commercial acumen 
will be e ss ential characteristics of the successful applicant. 

The remuneration package includes usual executive benefits, 
the potential ibr equity participation and a base salary 
negotiable around £6QQ00. 

To apply {dease send fidl career details, together with 
aincm salary or telephone for an application form to: 

John Todd, nf. im^T/FT’ 


Financial Recruitment 
London ■ Birmingham - 


Manchester 


PA Personnel Services 


b.M-uim- Si\m h-SAt turn /SviAummt /fnraaumnim ir I'erumnti Cnnsulum , » 


Fountain Court, 68 Fountain Street, Manchester M2 2FE. 
Td: 061-236 4531. 




r* 


Commercially-Minded Accountant 
. . .Profit Centre Responsibility 


int | 


^Excellent 


Our diene is a market leader in innovative, technologically-advanced 
printing of advertised literature. Rapid growth and success has led to the 
recent acquisition of a complementary business. 

Success has been achieved by the efforts of a highly professional tram, a 
substantia] programme of investment in technology and aggressive 
marketing policies. In order to continue this record of growth, an 
opportunity has arisen for a commercially aware accountant within the 
recently acquired company. 

Probably in your mid-late twenties, vou vrifl be a qualified accountant 
working in a commercial environment. A manufacturing background and 
experience in costing would be a major advantage. You will be 
responsible for all aspects of the finance area from setting up 
accounting systems to business planning. You will be actively 


Involved in the day-to-day operations liaising with non-finance people 
and will need to be a strong and persuasive communkaton This is a broad 
role requiring a practical “shirtsleeves" approach and a desire to became 
really invoked in the business. You will be very much pro-active, dynamic 
and definitely a decision maker. 

Initially based in West London, recent growth will necessitate a move to 
larger premises within the neat 12 months. It is envisaged that the new 
premises will be located in the northern home counties. 

This is an excellent opportunity to gain early responsibility in a growing 
company. The benefits package asso c ia t ed with this position is excellent. 

Interested applicants should writs, enclosing full curriculum 
vitae to U= Saber at 39-41 Parker Street, 

London WC2B 5 LH or telephone heron 01-831 2000. 


u 


Michael Page Partnership 

International Recruitment Consultants 

Bristol Windsor StAlbans Leatberhead Birmingham Nottingham Manchester Leeds Glasgow & Worldwide 

A member of Addison Consultancy Group PLC 


tlWe^jl 


ACCOUNTING IN THE CITY 


FINANCIAL CONTROLLER 
£35,000+ Car 

A substantial securities trading operation 
has recently created the opportunity to 
appoint a qualified accountant, ideally 
aged 28-33. You will be responsible for 
analysing financial information and en- 
hancing the reporting process, compu- 
terising the accounting function, liaising 
with the settlements department and 
reporting to the Securities Association. 
This position offers directorship potential. 

Ref: SA0530 


PROJECT ACCOUNTANT 
c£2 5,000 + Car + Benefits 

This leading UK Investment Bank, an im- 
portant player in Capital Markets, is 
undergoing rapid expansion world-wide. 
At the centre of the bank's activity there 
is a requirement to recruit an ambitious 
qualified accountant, aged 25-30. to 
undertake project appraisal work in key 
development areas. You will have com- 
mercial post-qualification experience and 
a proven ability of reporting skills. 

Ref: AMF0545 



PLEASE WRITE TO THE ADDRESS BELOW 
OR TELEPHONE 01-256 5041 


Management Pei-sO niiel 

10 Finsbury Square, LONDON ECSA.IAD.';^ _ 



1,1 JIN Ml HIM 


ADVERTISING 

£43 per single column 
centimetre 
Premium positions 
will he charged 
£52 per single column 
centimetre 

For further informal ton calf 
01-248 SQM 

Tessa Tavlor 
ext 3351 

Dcirdre Venables 
ext 4177 
Paul Maraviglia 
ext 4676 
Elizabeth Rowan 
ext 3456 


ipT) Accountancy Personnel 

•’ P!<3C/'ncr Aacounferrts first. 

k dL . 


1 


Accountancy Personnel 
48 King Street, 
Manch es te r M2 7AV 
■Tel: 061-834 9733 


A PARTNERSHIP 
P SECRETARY 

Manchester c£30,000 P.A. 

Phis Car and Benefits 

Our diems era one of the largest and fastest growing firms of 
commercial solicitors practising in modem cftycentre offices furnished 
and equipped to the highest standards. 

They are seeking an experienced qualified accountant to join the firm 
effectively at partner level. 

Principal areas of responsibility w31 include:- control of financial and 
accounting systems and production of management information: 
supervising the integration and advancement of the firm's computer and 
office technology; control of administration and staff; involvement in 

general practice development. 

The position demands a strong personality and administrative ability. 
This is an exceptional opportunity, offering a varied rewarding and 
interesting position in a developing and expanding professional 
environment. Suitable candidates are unlikely to be under 30 or presently 
earning less than £20,000 par annum. 

The strictest of confidence wilt be observed when you telephone or write 
far further information: 


Financial Manager 

A.C.A. or A.C.C.A. 

U 7 ^Ua!lL n Greenham Trading Ltd, a rapidly expanding 
west Lonaon National Merchant Group, have an excellent 

£ negotiable opportunity for a Financial Manager 


benefits 


pension 


prospects 


Aged between 30 & 35, applicants should have 
die ability to control a large Accounts 
Department, working to tight deadlines with 
computerised accounts systems. 

Write with full C.V. to: 

John Pearson, Greenham Trading Ltd. 
Greenham House, 671 London Road, 
Isleworth, Middlesex TW7 4EX. 

TeL 01-560 1244 


iftmsRmQ&si 


Part of International Construction Group, Taylor Woodrow Pic 



HEADHUNT 





GROUP ACCOUNTANT 

N0RI1I LONDON £25,08* -f CAR ABHEFTTS 

This b an exceptional opportunity for a 
qualified accountant to take responsibility for 
tiie financial control ot an exciting and rapidly 
expanding Group mucked in the manufacture 
aruj marketing of consumer chemical goods, 
specialised retailing and fashion. 

Applicants should have at least 3 years 
commercial experience and, in addition to 
having strongtechnical skills, should wish to 
actively contribute to business planning and 

development. 

Please apply in writing with details of career to 
date and current earnings to: 

The Managing Director w. David and Sons Ltd. 
1 Totteridge Lane, Whetstone, London N20 0EY. 

M rophcatiHE be (test mth n the Uncles commence 












VI 


Assistant Vice President I I Fina 


Financial Times Thursday October 8 1987 


Central London 


Audit 

c. £32,000 + Car + Banking bens 


Our client, the UK subsidiary of a leading U.S. finan- 
cial institution, is looking to recruit an Assistant Vice 
President within their Internal Audit area. 
Responsibilities will include the management of a 
team in carrying out systems based audits and other 
audit services, planning assignments, monitoring 
audit workflows and providing training and 
instruction. 

The successful candidate will either have reached 
manager level within a major professional firm, or 
will have gained post qualification experience 
in an audit role within a financial institution. 


Probably aged 27-33 you will possess first rate 
communication skills and a proven record in man 
management. 

The position carries a competitive salary package, 
including the usual benefits associated with a large 
financial institution. 

Interested candidates should write, enclosing a 
comprehensive curriculum vitae and daytime 
telephone number quoting ref: 454 to 
Philip Rice MA, ACMA, Executive Division, 
Michael Page Partnership, 39-41 Parker 
Street, London WC2B 5LH. 


Michael Rage Partnership 

International Recruitment Consultants 

London Bristol Windsor St Albans Leatherhead Birmingham Nottingham Manchester Leeds Glasgow & Worldwide 
, . .. a s . A member of Addison Consultancy Group PLC 




DMINISTRATION DIRECTOR 


London 


Substantial package 


A major specialty insurance broker operating world-wide and with an exemplary record of profitability 
and growth seeks to recruit a dynamic professional to be based at their London office which houses 
approximately 140 staff. 

Reporting to the Managing Director- Finance who is based overseas .you will be responsible for the entire 
UK finance function in addition to elements of the world-wide operations. Specific challenges in this newly 
created role will include; 

□ Development of new computerised finance and administration systems. 

□ Provision of effective support for Broking and flalma operations. 

□ Contribution at Board level to general management policy development. 

Ideally a$?ed 35-45, the successful candidate will be a qualified accountant possessing Crst-class 
communicative and commercial skills who will be motivated by a hardworking “hands-on” environment 
An intimate knowledge of the accounting and administration needs gained from within the sector is a 
prerequisite. 

The compensation package offered is both comprehensive and flexible and will be structured to attract 
a proven senior executive. 








Interested applicants should telephone Phillip G. Price ACA or Charles 
Austin (Mi 01-488 41 14 or write quoting ref. A068 to Mervyn Hughes 
International LtcL, Management Recruitment Consultants, 63 Mansell Street, 
London El SAN. 




ACCOUNTING MANAGER 


Yorkshire 
c£25,000 
+ Bonus 
+ Car 


LBW 

LOflkYER. BRADSHAW'S WILSON LIMITED 

\ m liM.— iH-a-O Sitfilf Wl 


Our client is a household name UK pic with a £multi-million turnover 
operating on a wide geographical basis. It is committed to both organic and 
acquisitional growth and has an outstanding track record of recent success. 

They wish to appoint an Accounting Manager who will head a department 
of 50 with responsibility for the production and interpretation of management 
information both at Head Office and operational level. Key areas of involvement 
will include the continued development of the company's management information 
systems, the direction of a team of high calibre qualified and part-qualified 
accountants in addition to participating in the company's financial strategy and 
contributing to the ongoing profitability of the business. Career prospects are 
excellent 

Candidates aged 28+ will be qualified accountants (ACA. C3MA, CACA) 
with well developed man -management skills, preferably gained in a substantial UK 
Croup, in order to direct and motivate a large department. Individuals will also 
possess personal presence, highly developed communication skills and commercial 
awareness in order to operate successfully at Executive level in a major Group. 

Initially please write with full career details to: Steve Gailick, Lockyer. 
Bradshaw & Wilson Ltd, 39-41 Parker Street. London WC2B 5LH. Please list in a 
covering letter all companies to whom you do not wish your application sent. 


INTERNAL CONSULTANCY 

MANAGEMENT INFORMATION 

PERTH - £12 3 00 -£15,000 and £16,000- £19,000 Pfus Benefits 

in Perth. Scotland. General Accident is one of the major UK 
■n-AiMnce companies, employing mare than 17 JXW people In 45 
■ruunlne^ worldwide Known as me -Gateway to the Highlands', Perth 
lies within ease reach oi all Scotland's major cities. The area otters 
excellent spamnc and leisure facilities, as does the company's own 
modern sports complex with swimming pool and squash courts 

We are looking tor start to join the team providing General Accident with 
a prolesstonal Management Information service. Our work is an integral 
pan oi the decision -making process across the whale spectrum of the 
general insurance business. VVe advise on: 

□ financial planning, from corporate down to product level 

□ profit testing and pricing of new and edstlng products 
a management of reserves to ensure adequacy 

□ providing for the Ml needs of tomorrow 
The work inv olves: 

□ model ling techniques to ovei come reporting and processing delays 
a application of advance information technology to very large databases 
B communication of complex findings to non-specialists 
□research into new methods of pricing, measurement of profitability, 

idenulkabon or market segments, reserve management techniques. 
VVe require numerate people with a combination of business, 
management information and communication skills. Preferably 
candidates should have a good degree standard in a mathematical 
Mjb|ci:t and possess relevant professional qualifications (actuarial, 
accountancy or insurance!. 





The Corporation is ottering a comprehensive range of staff benefits 
including attractive house purchase iaahties. help with relocation 
where appropriate, non-conmbutory pension and Me * 
jv,uf iincc schemes 

Please vvnre. giving details of 
career and qualiucanons. to: 

The Staff Superintendent (Head Office), 

Personnel Department. ■ 

General Accident Pithcavlis, Perth, PH2 OHN 




kliLZX'JJl 

I jlcciden t k 


Challenging opportunity to manage a business 

Finance and Admin. Manager — Rental Business 

Home Counties £25k-£30k + Car 


iness 

« n 


Our client is the rapidly growing UK sales and marketing 
operation of one of the largest international office equip- 
ment companies in the world- They are now structuring 
the mangement team for the future in order to manage 
continued growth and the introduction of new product 
ranges with an important strategic element of their 
business being equipment rental. 


As a result of the above, (he company has now identified 
die requirement for an experienced Finance and Admin. 
Manager to concentrate on developing and controlling 
the rental business. Reporting to die Finance Director, you 
will be responsible through 5 staff for:— 




* All sales administration 

* Profit planning/management 

* Pricing 


* Leasing proposals/financing 

* Asret tracking 

This is a highly commercial role with excellent prospects of 

candidate will be aged 29-33. a graduate 
accountant, possibly with MBA. Experience of a renal/ 
leasing industry would be particularly relevant, whilst a 
strong commercial awareness and porentiaf sales/ 
marketing flair would be an advantage for future career 

progression. , 

Candidates who meet this requirement are requested to 
submit their C.V. immediately to: 

Wayne Thomas, Executive Division, 

Michael Page Partnership, 

Kingsbury House, 6 Sheet Street, 

Windsor; Berkshire, SL4 1BG. 


Michael Page Partnership 

International Recruitment Consultants ..... 

London Bristol Windsor St Albans Leatherhead Birmingham Nottingham Manchester Leeds Glasgow St Wood wide 

A member of Addison Consultancy Group FLC jtfMi 


BNP Capital Markets siarted trading in June 1987- Wholly 
owned by Banque Nationale de Paris, Europe's largest 
bank, the company covers all main areas of the Groups 
capital market activities including Eurobonds, 

Eu roe qui ties. Euronotes and SWAPS. The complement of 
the London operation exceeds TOO and this is expected to 
grow substantially in the next twelve months. 

To sustain their rapid expansion they seek to recruit a 
qualified accountant to head their UK finance team. 
Reporting directly to the Head of Finance and 
Administration and responsible for S staff, the successful 
candidate will have full management of the department. 
This is a broad based role which will involve 
considerable liaison with other areas of the company. 
Those suitable will be aged to 40 and will have at least 
5 years banking experience. The successful applicant will 
be professionally qualified with extensive exposure to 
capital market activities (including SWAPS) and possess 
an indepth knowledge of the computer systems to 
support them. Essential attributes will include 
determination and sound business judgement, together 
with the ability to motivate, lead and inspire confidence 
in what will be a highly demanding environment. 

Apply in confidence with a written curriculum vitae to 
Jon Vonkor John Rose or telephone 01 629 4463 
(Evenings 720 1527). 



HARRISON3&WILLIS 


FINANCIAL RECRUITMENT CONSULTANTS 


Cardinal House. 39-10 Albemarle St . London VV 1 \ 3FD. Upl. 0J-b29 446J. 


Financial Controller 

Expanding Financial Services Company 

l Rural West Midlands I 
f To £30,000 + Car 1 


This well established and prestigious 
R nan dal Services Company has grown 
rapidly in recent years and envisages 
further substantial growth in line with an 
aggressive business plan, lo support this 
planned growth it is now seeking to appoint 
a senior Accountant to the newly created 
position of financial Controller to play a 
key rote in its operation and future 
development 

The successful applicant wiH assume 
prime responsibility for financial accoun- 
ting, reporting, analysis and control, and in 
so doing enhance operating results tv The 
con tin uedupgraefing of the accounting and 


control functions of the company 

Candidates, ideally aged 30-40. should 
be quaified accountants with substantial 
post qualification experience including 
approximately 5 years in a senior financial 
management role. This experience, 
whilst not necessarily biased towards the 
financial services sector wiH certainly have 
been gained within a service related 
industry Staff management experience 
and computer literacy are essential, as is 
the desire to become actively Involved in 
the compaq/s development 

in addition to the attractive salary 
offered the position wil also carry a 


comprehensive benefits package including 
a company car, pension scheme, free life 
assurance and, where appropriate, 
relocation to this delightful part of the 
Midlands. 

Candidates should apply in confidence, 
enclosing a full CV indicating current salary 
and quoting MCS/8756 to Gary Bimey. 
Executive Selection Division 
Price Waterhouse 
Management Consultants 
Livery House 
169 Edmund Street 
Birmingham B3 2JB 


Price Waterhouse II 



EVERSHED&- 

TOMKINSON 


SOLICITORS 


PARTNERSHIP FINANCE 
DIRECTOR 


cl‘ 18,000 -hear 


This is an excellent opportunity to build 
on your audit skills and pave the way 

towards further career development in 
the shortterm. 

Our client is a highly successful, 

£200m turnover subsidiary of a blue 

chip European Group, with interests in 
manufacturing, distribution and 
retailing. 

Your key challenge wflj be to 
establish and manage a small 
department responsible for auditing the 
books of account and supporting 
systems of the principal company and its 
operating subsidiaries in the UJL You 
will also review all internal controls, and 
will play a crucial part in the 
development of increasingly 
sophisticated computer systems. 

This is a stimulating and rewarding 
role which wiD appeal loan ambitious 
Chartered Accountant ideally aged in 
his or her late 20Veariy 30’s, with 


S.E. Staffordshire 


significant audit experience and a 
thorough knowledge of computerised 
systems, gained in large company 
environments. 

A substantia] salary is enhanced by a 
wide range of large company benefits, 
including relocation assistance, where 
appropriate. Career development 
opportunities are excellent 

Please write with foil career history to 
Noel Alexander, Regional Director, 
Austin Knight Advertising UK Ltd., 
Tricorn House, 51-53 Hagtey Road, 
Birmingham B16 BIT, quoting 
Ret ABG572. 

Applications are forwarded to the 
client concerned, therefore companies 
in which you are not interested should 
be listed in a covering letter. 


Birmingham 


c. £3 0,000 + car 


. g -WWJVVW I MU 

A unique and challenging opportunity has arisen with EVER WFn 


Austin 


mm 


p Advertising 


mammon system. Applicants must understand 

ssstSSffi'SSSgr'sss’— :■ 

have been gained within a professional accountWSS DrohS^ 

^ k c0 ™ erca Personal qualiSs ISind^whe 
ability to gam the respect of partners and motivate staff. ucludc ““ 

salary package is available, to indude a cai and other 
benefits. Please apply, in writing, with full career and saLv hSL 
details, and quoting reference B/083/87 to L ouisa^h^Sa!^ 7 

Peat Marwick McLintock 

Executive Selection 

Beat House, 45 Church Street, Birmingham B3 2DL. 















Financial Times Thursday October 8 1987 


w 

Group Financial Controller 



c£50,000 + car + benefits 

TheGroipisa^^distrftxjtDroftubea^hTdustriaJ 
products with a turnover of over 2100 m aid employing 
over 1 400 staff. Operating in a compefiive indushy it has 

grown through botfi increased sales and acquisitions and 
has developed an extensive UK distribution network. 

A reorganisation to take accountof recent growth has led 
tott«newp 03 rtk 5 nofGro< 43 FrandaJCcxitroiterbasedat 
the head office in East London, 

Reporting to Ihe Financial Director, the appointee will 
have as a primary task the review and developments 
accounting and control systems within the Group. Other 
responsibilities wifl indude controtffng Group accounting, 
the consolidation and preparation of Group statutory and 
management accounts, budgeting, taxation, managing 
6 Financial Controllers, evaluating acquisitions, and 


Arthur Young 


A MEMBER OF ARTHUR YOUNG INTERNATIONAL 



in^jlementing accounting and control systems in new 
subsidiaries. 

Caixfidates^ukjhavaabacl^nxindlnrTmnaging 
the financial operations of a large company, preferably 
with a distribution network. An accounting qualification 
should be combined with the practical ability to manage 
staff and control accounting operations. With a strength in 
systems development, the appoirtea must have both the 
abffity and energy to work autonomously ai this 
challenging position. 

Please reply in confidence, giving concise career, 
personal and safety detafeto: 

B/Bchad Fahey, Ref. ER959, Arthur Ybung Corporate 
Resocm^ng,QtaddHouse^5-11F^ttBrLaney 
London EC4A1DH 


GLOBAL SECURITIES 
£26,000 Package 


DIRECTOR OF FINANCE 


J P Morgan 


J. P. Morgan will be hosting open evenings 
nationally the week commencing 12th 
October. These will take place in Leeds, 
Birmingham, Bristol and their London Offices 
in the heart of the City. 

This is an outstanding opportunity to meet 
and informally discuss career opportunities 
within one of the world's premier financial 
institutions. 

A variety of new openings exist in MIS for 
SWAPS, treasury and other trading areas; 
systems liaison, management accounting 
and operational auditing. These will 
immediately challenge your accounting and 
auditing skills. 

Entry is strictly by invitation. If you are 
interested in attending and you have 
qualified within the last 2 years contact: 
Graham Palfery Smith on 01 6 29 4463 
(01 464 0927 evenings and weekends) or 
write to him today at Harrison Willis, 
Financial Recruitment Consultants, 

Cardinal House, 39-40 Albemarle St, 

London W1X3FD. 


Surrey 


to £50,000 p.a. + package 


A market leader in Retail Financial Services with annual revenues in excess of &100M and an 
enviable record of growth, seeks to recruit an accomplished financial eaecutire to fcilfiD a 

crucial role, based at their UK Headquarters. 

Recent divisionalisation of their activities, which encompass Private Healthcare, group 

pensions.imrt tnists and jxrsonai financial products, has created a d em an di ng role which will 

be a focal point for group development 

Reporting at main board level, specific challenges mil indudo- 

□ Development of group and divisional M.I.S. 

□ Rationalisation of group reporting and analysis activities. 

□ Man management and motivation. 

O Contribution to eomnieecfaldcwelaimientStbolfr organic and acquisitive. 
Aged in the range 30-40, the successful candidate wffl bea qualified accountant who possesses 
excellent communicative and commercial skills and an excellent track record gained in 
industry and commerce. A thorough appreciation of the imitised investment binds 
management industry is highly durable. 

Remuneration for this senior position is negotiable and the main package elements win 
include an executive motor car and subsidised mortgage, together with relocation assistance 
as appropriate. 


Interested applicants should contact Phillip Price ACAorJamesForteoo 
01-48841 14, or write enclosing a comprehensive CV, quoting reference 
A072, to Mervyn Huj^ies International Ltd, Management Recruitment 
Consultants, & Mansell Street, London El 8AN. 



m 

ip® 


Finance 

Director 

Acquisitive Young PLC 

£40-45,000 

+ share options 
Mid Essex 


Our c&ent Is a highly successful group of companies in the 
packagtoginchjstiy.vtfflha record of sustained growth and ? 

profita&fej, and boast many top name cfierts In thetr £30m 
turnover. Last year they obtained a Stock Exchanga tisting and are 
strongly positioned to maw ahead with their ambitious expansion 
plans. 

They now wish to appoint a high caibre Group Finance Director as 
a key member of the Main Board. The reaponsfoififies wffl be wide 
ranging, with particular emphasis on strateyc planning, acquisition 
negotiations and maintaining dose Hnks wtih the Ctty. 

Candidates must be QuaEfied Accountants, aged 35-45, wtih 
indepth experience of acquisitions and fund rasing, kteafly in a 
manufacturing environment They must be able to demonstrate 
keen oommeicial awareness and the entrepreneurial Saar to 
maximise the group’s considerable potential. 

The remuneration package is fuHy negotiable and wfli include 
attractive directors incentive ana share option schemes. 
Relocation assistance wB be available. 

Please send concise detaBs, tnchximgcurTertisalary and daytime 
telephone number, quoting reference S9177, to WSGIBBand, 
Executive Selection Division, Grant Thornton Management 
Consultants Limited, Grant Thornton House, Mellon Street, 

Easton Square, London NW1 2EP. 


Grant Thornton 



Management Consultants 


OFFICIAL STOHSOa OP TOE MB UfTUH OLYWICTOH 


A Msyor Charitable Concern 

FINANCIAL EXECUTIVE 


c£25,000 + benefits 

Our client is a major charitable organization 
and one of the UK’s foremost Investors. 

With assets In excess of £2 billion and an 
annual income of over £100 million they are 
required to manage these resources 
efficiently in order to provide for their many 
beneficiaries. 

Following reorganization of the finance 
function, a new position has been created. 
Working closely with the Financial Controller, 
and with 12 staff directly reporting, your 
responsibilities will include the preparation of 
period and year end accounts, treasury and 
trust matters, budgets and forecasts, and 


Central London 

liaising with external advisors. All accounts 
are computerized and further systems 
development will be required. 

Candidates should be experienced 
accountants, preferably qualified ACA/ACCA's 
with line management exposure. Strong 
financial accounting skills and a mature, 
committed approach are required. You are 
likely to be aged 33-50. 

If you would like to find out more about 
working in this stimulating secure and 
worthwhile environment, telephone or write to 
Sue Ross iter. Outside office hours telephone 
(0491)680015. 




London, Maktortmd. Lm** 



Search. Selection & Training 


Y oung Financial A nalyst 

F.M.C.G. ‘bhte-chip* leader 
c£l 5k ^benefits Noimuniberlarid 

Every once in a while, the right job opportunity Qomes along:* the 
chance to play an influential role in the development of a ‘blue- 
chip’ company combined with excellent personal and career 
opportunities. 

That is precisely what our client can offer. Holding pole 
position in the high quality tissue market the future for its new 
financial analyst mirrors exactly what it sees for itself - on-going 
growth and success. 

For an intelligent, articulate and determined individual who 
is commercially ano financially aware, the role offers great scope. 
There is the opportunity to fully utilise initiative in broadly-based 
areas involving the monitoring, analysis and forecasting of 
performance at every stage of production. Success in mis key 
post will mean progression into a more senior role within the 
company. 

We are looking for someone with ether a numerate degree 
or an accountancy qualification who has varied but relevant 
experience, including exposure to computer applications, within a 
manufacturing environment. 

Apart from the attractive salary, there is a 'major company* 
benefits package that includes relocation assistance (where 
appropriate) to an area offering outstanding natural beauty, yet 
within easy reach of the rity of Newcastle upon Tyne. 

Begin that next vital career move by sending your detailed 
C V (which will be forwarded direcdy to the client) to 
David Green, Bensons Recruitment, 

13 Baird Close, Stephenson Estate 
Washington NE37 3HL. 

Teh 091-416-4059." 


Rt-cnjrtmerrt .Advertising & Selection 



Financial Controller 


Humberside £25,000+car 

The Cfflzsn Wfefeti Company ot Japan is bukfing its first 
European marndiacbiring faeflfty at Scunthopo. where it wffl 
produoeccFTputBrprirttwB tor the UK and European markete. 
Employing over 300 people within two years, the £6 rrefion 
investment reflects both CWzenfc diversification strategy and its 
growing worldwide reputation tor high quafity computer 
peripherals. Bidding work on the purpose-designed fadfity is due 
tor completion by August 1988: meanurfde production has 
already started within a temporary unit 

A Financial Controfler is required to develop and install 
financial and management accounting systems Inducing 
costing, budgetary and stock control. Reporting to the General 
Manager, advice and guidance wB be available from the 
European Financial Controfler based in Citizen Europefe 
headquartere at Uxbridge. 

Cancfetetes rrarst be qua&fied accountants, preferably in 
ftefc late 20sfearty 30s with few management experience in 


• CITIZEN 


manufacturing, particularly in a high volume environment 
Originality, riitiative and setf-motivation wifl be key elements tor 
success white previous exposure to a start-up situation w® be a 
distinct advantage. 

This is an excelent opportunity to join a rapidly expanding 
international company and to take a significant role in 
developing a greenfield site, in adtfition to an attractive salary 
and benefits package, the rewards tor the successful canc&date 
are exposure to a highly professional environment and real 
career progression. Costs win be met in relocating to this 
attractive area ot Ht/mberaide, where house prices are well 
betow the national average. 

Reese write in confidence with lull career, personal and 
salary details quoting R.15B to: 

Denim Sewell, Corporate Resourcing, Arthur Young 
M a nagement Consultants, Commercial Union House, 
Albeit Square, Manchester M2 BLP. 


Arthur Young 


A MEMBER OF ARTHUR YOUNG INTERNATIONAL 


Finance Director 

South Coast £25k-£30k + car + benefits 


Johnson & Johnson Orthopaedics Limited is 

one of the fastea-growing Companies within 
the world's largest heaWxara organisation. 
Based in New Milton on the edge of the New 

Forest wb manufacture state-of-the-art 
o r th o p a edic and fracture repair products to 
supply world markets. 

The promotion within the Group of the 
current Director has created the opportunity 
for a row Finance Director to play an 
influential role in the development of the 
Company. As a member of the Board of the 
Directors, good cotnmun ic at io n and profes- 
sional managerial skifls are as essential as 
the abffliy to exardsa strong financial control 
in a flourishing high-tech precision engineer- 
ing business. Prime responsibitities wffl 
encompass finance, costing, fore casting 
computer services and Company Secretarial 
duties. 


Ybu wil be profesaonaRy qualified and 
already experienced in the key functions 
outlined to a senior level. In addition, your 
desire to become involved in the total 
management of the business wffl be sup- 
ported by an impressive record of achieve- 
ment so fa 1 . 

VIA offer at attractive salary annual bonus 
and executive car t o gether with the exceflent 
benefits expected from a member of the 
Johnson & Johnson worldwide family of 
Companies, including relocation assistance 
where appropriate. 

If you are interested, please write enclosing 
ful cv, to Guy RothweU. Personnel Manager. 
Johnson & Johnson Orthopaedics Ltd, 
Queensway, Stem Lane, New Milton, Hants 
BH25 5NN. Tel: 0425 620888. 


ORTHOPAEDICS LIMITED 


CHIEF 

ACCOUNTANT 

EXCELLENT PROSPECTS WITH AN 
INNOVATIVE HI-TECH GROUP 

BERKSHIRE £25,000 + CAR + BONUS 

A graduate Chartered Accountant, aged 28-33 and with 
high potential, is sought by a successful, medium sized 
public group. 

Reporting to the Group Finance Director, the role will 
include all interpretive group financial and management 
reporting, plus treasury management, strategic p lannin g 
systems enhancements and company secretarial 
administration. 

The Group, which employs around 200 people, is 
enjoying sustained organic growth; selective acquisitions 
and high investment are designed to ensure continued 
profitable expansion. 

Applicants should haw trained with a major practice, 
have post qualification experience in a large industrial/ 
commercial company and be able to offer stature, 
maturity and good communication skills. 

To further your interest in this exceptional opportunity, 
please write briefly enclosing a comprehensive CV or 
telephone for a personal history farm to J. Constable, 
quoting ref: 4975. 



'£C?ii l !TS.:g-;.T J 5Elj^£.7X2. , CiC‘AOygS 

EXECUTIVE CONNECTIONS 




VIII 


▼ 


Financial Times Thursday October 8 1987 


European Financial Controller 




to £55,000 + car 

Our client is the European subsidiary of a U-S. 
multinational in the electronics industry with 
turnover of over S 1 00 million. The corporation 
develops, manufactures and sells high value capital 
equipment to many of the largest microchip 
manufacturers in the world. Its European 
operations include sales and service businesses in 
the U.K., France and Germany, as well as its own 
European R & D facility. 

This is a new position reporting to the President 
in Europe. The appointee will be a key senior 
manager, responsible for all financial, systems and 
related administrative areas across the three 
countries. Important tasks include strict budgeting 
and forecasting, good cash control, strong asset 


M3 Corridor 


management, the development of new computer 
systems, and all legal and tax matters. 

A broadly based role, the successful candidate 
will need to be a graduate chartered accountant 
with a strong technical and systems background 
and at leasts years commercial experience, 
preferably with a U.S. subsidiary in a European 
function. With a knowledge of French, you wifi also 
need maturity, initiative, flexibility, and enjoy travel 
to Europe and the US. 

Please reply in confidence, giving concise 
career, personal and salary details to: 

Sarah Orwin, Ref. ER960, Arthur Young 
Corporate Resourcing, Citadel House, 

5-11 Fetter Lane, London EC4A1DH 


Arthur Young 


A MEMBER OF ARTHUR YOUNG INTERNATIONAL 


FINANCIAL CONTROLLER 

PACKAGE TO £30,000 PLUS CAR 


accomt 

FINALIST/NEWLY 

QUALIFIED 

We are a rapidly expanding 
company within a m^jor US 
Group. 

The job will include the 
preparation of monthly 
financial/management 
accounts and variance 
analysis. 

Experience of US reporting 
requirements and LOTUS 
123 would be an advantage. 
The ability to work to tight 
deadlines essential 
An attractive salary will be 
offered, plus BUPA Medical 
Insurance and Company 
Pension Scheme. 

Application in writing with 
full CV to 

K. A. Seymour 
ALLERGAN LIMITED 
Turnpike Road 
Cresses Industrial Estate 
Hi g h Wycombe 
Bucks HP12 3 NR 


Divisional Accountant 

Corporate Finance 


Phillips & Drew is a leading UK securities house, providing a « ide 
range of financial services to its clients. Corporate Finance i> i c 
Company's fastest growing division. Its corporate client h** as^morc 
than doubled in the last three years and includes a large num, cr ot v 
and international household names. 

This continued expansion has created an exceptional opporl unify for .in 
experienced Accountant. As Divisional Accountant, it "ill >■ <-■ your jon 
to establish and exercise financial control over all aspects of the 
division’s activities. This will involve the setting up of an accounting 
function within the division, the design of both manual and 
computerised systems, and the establishment of regular reporting to 
both the divisional management and the Group Finance function. 

You should be a qualified Chartered Accountant with a minimum of 
three years* post-qualifying experience. You arc familiar " ill* 
computerised accounting systems and possess excellent organisational 
and interpersonal skills. If you are looking for the chance to respond to 
the challenges of a demanding environment write with your C. V to: 
Isabel B Doverty, Recruitment and Development Manager. 

Phillips & Drew Limited, 120 Moorgate, 

London EC2M6XP 


A MEMBER OF THE UNION BANK OF SWITZERLAND GROUP. 



Ceflnet operates the world’s most 
advanced mobile communications network. In 
under three years the company has become 
one of the most dynamic and innovative 
companies in Europe. Mobile Communications 
is the growth industry of the future and Ceflnet is 
poised to lead the industry in the UK and shortly 
in Europe. The company is now seeking a 
Financial Controller with the ambition and skflfs 
to grow with it 

Reporting to the Finance 
Director, the Financial Controller 
is responsible for the running of 
the accounting function and 
manages a team of 11 people. 

The role interfaces with non 
financial managers with 
emphasis on the provision of 



CeUnet 

THE CELLPHONE NETWORK 


appropriate management information to 
contribute to commercial decisions. 

Candidates should be qualified 
accountants ideally in their early thirties. You 
should have had exposure to sophisticated 
computerised systems, a fast moving 
environment and be ready for a controBership at 
this level. Your success will be determined by 
excellent interpersonal skills, commercial 
judgement and maturity. 

Please reply in confidence 
giving concise career, salary 
and personal details to 
Heather Male quoting Ref L286 at 
Slade Consulting Group (UK) Ltd, 
Metro House, 58 St James's 
Street, London SW1 A 1LD. 
Tel: 01 -629 8070. 


International Search and Selection 


SLADE CONSULTING GROUP (UK) 


FINANCE DIRECTOR 

YOUNG CONTROLLER FOR GROWING PLC 


South 

Wfest 


LEW 


LOOCYER. 
BRADSHAW A 
WILSON LIMITED 


Our client is a rapidly expanding PLC, making 
the transition to a market-led management philosophy 
and requiring the re s pon s i v e and accurate financial 
reporting of the best and mast aggressive companies. 

This is a virtual 'green field' situation where a 
young qualified accountant, very much at home in a 
manufacturing environment, can create the financial 
management group that quickly and accurately 
evaluates costs and variances, reports and analyses 
pies, and manages cash to maintain growth and 
investment 

As an exceptional opportunity the appointment 
demands an equally exceptional manager - well trained, 
computer literate, articulate and strong minded - a man 
or woman seeking a genuinely rare opportunity for 
personal development. The package will include a 
company car, private health oaver. pension scheme and a 
salary indicator of c£2u,000. 

Please write quickly with full CV to: 
A.R.YWrd.(CRS499), Lockyer. Bradshaw and Wilson Ltd., 
39-41 Parker Street London WC2B 5LH. 

Please indicate companies to whom your application 
should not be forwarded. 


ADMINISTRATION MANAGER 
c. £20,000 p.a. 

— located London Bridge — 

A small but progressive and expanding company authorised as 
dealers in Securities is seeking an accounting trained 
administration manager. 

The successful candidate will assume responsibility for all aspects 
of the administration and accounting functions. Experience with a 
stockbroker or similar organisation will be of a distinct advantage. 
The company, a member of F.I.M.B.R.A. is a subsidiary of a 
PLC providing corporate and financial services and therefore 
group career prospects are excellent. 

Please apply with full C.V. ta Box A0684, Financial Times, 
10 Cannon Street, London, EC4P 4BY. 


Part Qualified ACCA £i2-i5k 

WOt TECH MULTIFU RETAIL AND COMKTTtR SUES ^ 

dntowUKovraihcTccnoaixlFoxTalboc ibtlay for bnanrtaladmta. Euncttaas tac. 
amenAldeo store (Nai NlkoaHasdbbd supervtaon compuirTtoi IcdgcVpoyrol 
dealenl Aim More Cemptaen. idling IBM New. qadousomas near Heathrow, 
and Compaq co corporate. Age 22 -17. Write to V Wocn. Dbcocr. 3adow OK. 
reporting to Financial Controller. respore- Ha mp ton Farm lad Esc, F d t ham . Middx. 


TAKEOVER FEVER! 

ACA/CAIACMA 23-30 Package nag, to £25,000 

Our client is a fast-expanding BRITISH GROUP with 
annual turnover in excess of £1, 000m built up in the 
fast few years by a SERIES of AGREED MERGERS. 

A number of qualified Accountants aged 23-30 are 
required to monitor and review business operations 
spending c. 70 weeks of the year in AUSTRAUA 
and the UNITED STATES where there are major 
subsidiaries. 

If you are a flexible self-starter and feel you have a 
lot to offer, please telephone in the first instance 
and send your c.v. to : — 

George 0. Maxwell 
Managing Director 
ACCOUNTANCY APPOINTMENTS 
EUROPE 

1-3 Mortimer Street 
London WIN 7RH 
Tel: 01-580 7739/7835 or 
01-637 5277 extn 281/282 



APPOINTMENTS ADVERTISING 

£43 per stage oolnmn centimetre 

Prearism pt**** "” win be charged £52 per single column centimetre 
For timber infoiwaTfon eaB 01*48 8000 
Tessa Taylor ext 8851 DcMre Veoabfcs ext 4177 

Pad Mamtgia ext 4878 Hbabeth Kona ext 8454 



COMPANY SECRETARY 

Internationa! Commodities Group 

City of London • package £23-28,000 

The London office of a leading international commodities group seeks to strengthen its central management 
team fay the appointment of a Chartered Secretary aged 30-35. 

The purpose of the appointment is to fulfil a key role as part of the group's management resources in 
providing streamlined, efficient support services thereby enabling the group's dealing and trading teams to 
perform profitably within today's business environment 

Reporting to the Financial Controller and the Board, there will be specific responsibilities for office 
administration, personnel and secretarial matters. Strong organisational skills are essential, as will be the 
ability to work under pressure and to anticipate foe needs of operational siaff. There will tv regular 
atte ndan ce at board and management meetings and an in depth knowledge of statutory regulations is 
therefore essential- Previous relevant experience could have been gained in a financial services or similar 
company. 

The package, to include a company car, is negotiable and will reflect the seniority of foe appointment. 

Please write with full career/salary history and daytime telephone number, 
to John P Sleigh FCCA quoting reference J/654/5F 


LLOYD MANAGEMENT Selection Consultants 125 High Holborn London ;WC.1V : hQA 01-4175349^;: 





Professional 

skills for a Professional 

University 


MANAGEMENT ACCOUNTANT 
TO £19600 

A new post, created to provide effective supervision and 
leadership to a small management accou n ting team. 


Of la Vnli^COUMKItt 

WylkCSfi. 



* Has owe of the Uggpst awl nost i 
Scboob hi (he eemwary. 

Two accountants are now needed to provide the 
professorial, technical and innovative skills necessary 
nr the University to maintain and develop its range of 
courses, res e arch activities, services and enterprises. 

FINANCIAL ACCOUNTANT 
TO £19,600 


i the Chief Acco un t a nt 


A I 
and ! 

in payrofl, purchase ledger and cash/debtor functions. 

rou will be directly involved in the preparation of 
annual accounts (including Uniwsisity. Companies), the 
com pie lion of financial returns, cash reconciliations, 
kmg term and money market investments and 
insurance. 


f't activities and 
odvicetonoo- 
fmanoal managers. \buwOI be expected to initiate and 
p rogres s the develo pment o f man agement information 
syums. pcnbnnmce measuremen t, project appiaiwl 
and cost analysis. 

Applicants far both positions rfxaild be quafiiied 
accountants with first class technical aixtcommunkatioa 
skills. Experie n ce and enthusiasm for compti ter based 
informadoa systems is necessary, as is a good track record 
of working effectively with senior staff ctf other disciplines. 

Benefits include season ticket loan scheme, generous 
holiday entitlement, and excellent spans and recreational 
facilities. 

For further information and an application form 
please write to lane Cameron. Personnel Recruitment 
Assistant, The GtyUmvereity Northampton Square. 
London ECIV0HB, or telephone 01-250 1107 (24 hour 
answering service), posingdaie for receipt of 
'applications 23rd October J987. 

fflQTY 

University 




Financial Controller 

c.£16,000-£ 18,000 + Benefits Somerset 

This established private company, located In an attractive rural setting, 
provides shopfitting and display systems to major retailers throughout the 
UK. 

Reporting to foe Managing Director, you wiD be responsible for all 
aspects of financial reporting and analysis, budgeting, cash management 
and providing strategic advice to senior management in planning the long 
term development ofthe business. 

As a fully qualified accountant aged 27-45. you wffl have a minimum of 3 
years experience in a senior capacity. Experience of developing computer 
based costings and financial systems is desirable. 

The company offer a minimum salary of £16,000 together with an 
attractive benefits package, including relocation assistance where 
necessary. There are good prospects of a directorship for the right person 
within 2-3 years. 

Write with full career details to: David Miller. PER, Minster House, 

27-29 Baldwin Street. Bristol BS1 1LY. 


For further details, plena contact: 
Account anc y Pers onn el. 

48 King Street 
Manchester M2 7AY 
Tel: 061-8349733 
or 

8809 Darlington Street. 
Wolverhampton WV1 4EX 
Tel: 0902 77197S 


*0^ 




For further details, please confect: 
Accountancy Personnel. 

Manor Buikfinga, 

2 Manor Row. 

Bradford ESDI 4NL 
Tel: 0274 731866 


For tunher details, pteese contact; 
Accountancy Pers o nnel 
AbbottaHm Chambers. 

Gower Street. 

Derby DEI ISO 
Tel: 0332 290890 


For a brochure about our client 
and for Further details, please 
contact: 

Accountancy Personnel, 

49 King Street, 

Manchester M2 7 AY 
1: 061-8349733 


COMPUTER AUDIT MANAGER 

Leek, Staffs c£ 2 O, 0 OO + Benefits 

Britannia, the ninth largest building society is enjoying an exciting 
growth phase with further development plans which will emphasise the 
importance of their audit function. 

As a result they need your skills to lead their computer audit team in 
reviewing all aspects of the Society's computer systems and operations. 
You will be an experienced computer auditor preferably with an 
accounting qualification and some Managerial experience. Overall, you 
will be keen to develop your long term career in this preshqious 
organisation. 

FINANCIAL ACCOUNTANT 

York c-£i 6,000 + Car + BUPA 

Due to continued expansion and internal reorganisation, a newly created 
opportunity has ansen in this attractive location for a high calibre 
.qualified accountant 

The company is a profitable major subsidiary of a progressive PLC, 
leaders in a very competitive, high technology market 

The brief of the successful applicant will be to appraise, improve and 
ultimately control all financial and management accounting functions, 
with a special emphasis on stock control and cash management He's he 
will have total on site accounting autonomy, controlling a larqe staff and 
be responsible directly to the Managing Director. 

Interested candidates should supplement a sound technical background, 
encompassing experience of computerised and manual systems, with 
effe ctive interpe rsonal skills and a strong resilient character. 

SENIOR FINANCIAL MANAGER 

c.£18,0G0 + Car + Benefits 

Ourcllent, an established family owned company employing around 90 
js an engineering company manufacturing 
fitnngsfor the plumbing trade from factories in Buxton and Birmingham. 
Oue to its continued expansion the company now sapIm a 

mss fssssrrar! h «M«ssw: 

NATIONAL PRACTICE EXPANDS IN 
MANCHESTER 

^ theiargest independent firms in Manchester. Due 

AUDTTMANAGS? 

W"* for a young ACA with .arge 

SSBSaBfS^^ ^ 3 '3J5RJB3B 

AUDIT SENIORS 

to the opttnon or our agents- Tnwivw^ JTV 

Newly or up to two years mialifiod capitalise 
experience within a medium to large practice in ... 

demanding environment offering eariyprSmotiwi. chalten 9 ,n S and 


to tht opinion of our cBants- •" -- c£1 8-14,500 


WEST BID NOT JI«T ANOTHER ACCOUNTANT 

P5DI (UK) LWWI art wrrentl* enfata rac*l expareton erf Ae* European operation , E20-E25.00Q 

Corporation kwolved Is deretoping and raHtetliw a sufew&irjr of a prea^*, rfWrtaw 

The Financial Control ter role wiU oner the fuH range of Financial and MaoweiiM im,* 

rrarfre a hands-on, ewniTTerdaHy aware approKh. Reporting to the UK MsiMing VAX 11/750) and wiu 

to Hie USA far the English and French suMdtartes (plus further Eoropewofi^^I^ir.lL? fequ,rKS » fwride regular reports 
Ibr sKcessfiil applteam will hare Pride Practice experience ** ****"££> "*** 

as the position »H1 Involve trawl werseas. ** *«*<««* or its,,, Earopeaa toacuaues 

Pleat nvfte axtefep full Cv with 2 mtes&ol referee s to- 




I I nvn MAM4r.PMFWT 





21 


IVECO 


SECTION II - COMPANIES AND MARKETS 



TRUCK 


FINANCIAL TIMES 


MOnwvMVBnunoNunvasMMBjncium 


Thursday October 8 1987 


Japanese lend bulk of $425m 
raised by B ank Am erica 


BY ANATOif KALETSKY IN NEW YORK 


BANKAMERICA, the holding com* 
pany for the second-largest US 
bank group, has succeeded in rais- 
ing 5425m of new capital, primarily 
from Japanese investors. 

The long-awaited awnopruy me n t, 
which will contribute significantly 
to an improvement in the strag- 
gling bank’s capital ratios, came af- 
ter one of the most ar duo us market- 
ing campaigns in the history of in- 
ternational investment. 


In addition to causing some em- 
barrassment to the Japanese Gov- 
ernment because of their apparent 
reluctance to assist one of the San 
Francisco-based banking giants, 
the Japanese financial institutions 
managed to impose tough terms on 
BankAmerica. 


rate subordinated debt, and SlOOra 
of convertible preferred stock. The 
debt. $250m of which will be taken 
up by banks and other institutions 
in Japan, will carry an interest rate 
of IK per cent above the three- 
month T/wwinn Trttorhwwlr Offered 
Rate (Libor). 

Analysts have noted that this in- 
terest rate puts BankAmerica's 
credit standing in an unfavourable 
light, even compared with Third 
World debtor countries such as Ar- 
gentina and Mexico. Mexico, forex- 
ample, paid only K of a percentage 
point above Libor at the latest re- 
scheduling of Its bank debts. 


The S425m capital offering con- 
sists of 5335m of 12-year floating 


In addition to the generous inter- 
est margin, BankAmerica has 
sweetened the deal even further, 
pricing the notes at 69.75 per cent 
and adding 10m 10-year warrants to 


buy its common stock at an exer- 
cise price of 517.50. 

Yesterday morning the bank's 
stock was trading at around Slltt. 
The $75m of BankAmprira debt not 
taken up by the Japanese will be 
sold internationally mi the same 
terms by Bank of America Interna- 
tional Ltd. 

The 5100m of convertible pre- 
ferred stock also announced yester- 
day will have a dividend of 9.5 per 
cent and be convertible into com- 
mon stock lor 10 years at 517.50. All 
of this issue is befog taken up in Ja- 
pan, at a price of 89.75 per cent, pri- 
marily by life and general insur- 
ance companies. 

With the placement of yester- 
day’s notes and preferred stock, 
BankAmerica win have completed 
just over half capit a l raising 
programme it announced in April, 


SHARES IN CANADIAN ‘BUND POOLS’ TO COST 10 CENTS 


Alberta doubles ‘nickel 9 stock offer price 


BY DAVID OWEN IN TORONTO 


THE ALBERTA Stock Exchange, 
the F. W. Wootworth of the Canadi- 
an equities sector, is to double from 
5 cents to 10 cents a share the mini- 
mum price at which its popular jun- 
ior capital pools can come on to the 
market 


the e x p e r ti se of their management 

teams 


The pools, also known as “blind 
pools,” are companies which lack 
assets, capital or even a business 
plan. They are ahle to seek seed 
money through public share offer- 
ings on the ASE under a scheme 
which has been running successful- 
ly for about a year. 


On m»kmg its first acquisition, 
the company graduates to the full 
board of the exchange and is no 
longer considered a JCP. At the 
same time stringent escrow re- 
quirements come into effect man- 
dating that the stock's promoters 
and company directors hang on to 
their shares for up to three years. 


The idea is for the shell comg»- 
nies to use the funds to seek'ouf 
new business opportunities, trading 
in the meantime on little more than 


• According to Mr Gerald Roman- 
gin , foe listings director, the price 
hike is being ™rigr tefcgn to encou- 
rage long-term investors In JCP 
stocks at the expense of speculators 
or chumers. The move wQl also 
help close the gap between underly- 
ing book value and trading price, 
Mr Romanzin said. The average 


JPC trades in a 25-30 cents range. 

While the move may lead to some 
loss In volume, the 73-yearold ex- 
change need not be too concerned 
since it is currently in the middle of 
what is very much a banner year. 

By foe end of August, volume had 
already surpassed the record full 
year 1988 figure of 469m shares by 
a comfortable 35 per cent The value 
of shares traded was a full 51 per 
cent up an the full year 1988 value 
of CS466m. 

Although officials play down foe 
importance of JCPs in sparking foe 
once struggling exchange's revival, 
p ointing ingtenri to the mnrtcp<I up- 
turn in the energy and resources 
sectors, t^ie advent of so-called nick- 
el stocks has certainly aroused 
great investor interest 


Some 140 JCPs have now taken 
advantage of the scheme since its 
introduction, of which 17 have pro- 
gressed to the main board. Mr Ro- 
mwnrin admitted many investors, 
initially attracted by the nickel 
stocks, have taken the same route. 

Among the factors which may 
serve to boost foe exchange's for- 
tunes further in the final quarts is 
an nngning offering of 2.1m shares 
at 70 emits a share by a blind pool 
named Ventana Equities. The fled- 
gling company expects to start trad- 
ing on the ASE shortly after the of- 
fer closes on October 14. 

It is looking, according to Mr An- 
gus Watt of Levesque Beaubien, 
which is selling the shares, for in- 
vestments in the restaurant or man- 
ufacturing sectors. 




TT Baring 
Securities 


Far some years now Baring Securities 
has been opening the doors of lucrative Far 
Eastern investment tQ a wealth of European 
investors. 

In just a few short years, we’ve gained 
an enviable reputation for our fresh and 
successful approach to these markets. 

Our secret lies in hard work. Exhaustive 
research has given us a thorough understand- 
ing of the market and a particular strength in 
pinpointing trends and anticipating market 
demands. 

loday our knowledge of Japan's 
financial markets is second to none. Wfe are, 
for example, already the top trader in several 
Japanese financial instruments. 

Wfe're sure you’ll want to know more. 
Which is why we are holding a series of 
informal seminars entitled "Focus on Japan- 
at the end of October: 


PARIS OCTOBER 23rd 
Hotel le Bristol 



FRANKFURT October 26th 
Stagenberger FrankfVirterhof 

LUXEMBOURG October 27th 
Hotel Ie Royal 

BRUSSELS OCTOBER2BTK 
Hotel Metropole 

ZURICH OCTOBER 29TII 
BaurauLac 

GENE VA OCTOBER BOTH 
Hotel des Bergues 

For more information or to reserve an 
invitation please call Doug Atherley or 
Alastair Davidson on (44)1-621 1500 today 
You really can't afford to miss it 









Baring Securities Limited 




Hunting I 
Gate i 



623 4444 

£1 


IS 


Chase 
launches 
aid to 


Dixons drops plan for 
$50m Wall Street issue 


when it registered SIbn of fixed-in- 
terest securities plus 10m warrants 
with the Securities and Exchange 
Commission (SEC). 


hedging 


BY DAVID WALLER IN LONDON 


By Our Naw York Staff 


In May, shortly after the registra- 
tion, the bank sold SI 09m subordi- 
nated auction rate notes, mainly to 
US investors. Thus a further $475m 
of debt remains to be issued under 
this SEC filing. 

In addition, BankAmerica sold 
5300m of three-year floating-rate 
notes in August under an earlier {fl- 
ing, in an offering which was well 
received by US investors and ended 

up oversubscribed. 

The bank has also offered exist- 
ing shareholders up to 20m shares 
of new equity in monthly issues a 
pr ogramme which should eventual- 
ly raise between S200m and 5250m 
in new shareholders' hinds. 


CHASE MANHATTAN, foe thixd- 
biggest US bank, has introduced a 
new government-insured financial 
instrument for bearish speculation, 
or hedging, by retail investors on 
Wall Street 

The new instrument Is a certifi- 
cate of deposit with an interest rate 
linked to the percentage decrease 
in the Standard & Poor's 500 be- 
tween the time of issue and re- 
demption. 

The CDs are available with terms 
of three, six »nH 12 months in <nrTW> 
of 51,000 upwards, and all invest- 
ments up to 5100,000 carry a guar- 
antee from the Federal Deposit In- 
surance Corporation. 

For a 12-month CD with no fixed 
interest payable, Chase is offering a 1 
return of 1.05 times the perce n t a ge ; 
decline in the S&P 500. Investors 
who wish to receive some guaran- 
teed interest payment can opt for a 
CD with a fixed interest rate of 4 
per cent and an additional return of 
0.9 times the decline in foe S&P 
500. 

The new CDs add to a growing ar- 
ray of seemingly risk-free stock 
market-linked investments which 
Chase has been issuing since the 
beginning of Hiit year. 


DIXONS, the UK electrical retailer, 
has abandoned plans to raise 550m 
on foe New York Stock Exchange, 
Warning a recent bout of investor 
disaffection with speciality retailers 
in the US. 


However, the company is still go- 
ing ahead with plans to obtain a US 
listing for its shares. 


The company had planned to 
raise the new money after moving 
into foe US in March with the ac- 
quisition of Silo, the third-Iargest 
retailer of electrical goods in the 
US. It has now decided it would be 
inappropriate to proceed with the 
offering of 8.5m new shares, or 2J> 
per cent of its equity. 


“It is not as though we needed the 
money " said Mr Egon von Greyerz, 
Dixon's finance director. “We were 
concerned to whet the appetite of 
US investors, but over the last three 


weeks they have become nervous of 
the sector as a whole." 

Mr von Greyerz stressed that 
trading conditions at Silo were ex- 
cellent with sales ahead by over 10 
per cent against the previous year. 
The downturn in the sector had 
been prompted by a bearish state- 
ment from The Gap - a large cloth- 
ing retailer whose shares fell by a 
half last month after it had an- 
nounced that its third-quarter prof- 
its would plunge by 33 per cent 

“This has to be seen in the con- 
text of a Wall Street overreaction to 
specialty retailers in general,” said 
Mr John Richards, retailing analyst 
at Wood Mackenzie, the stockbro- 
kers. 

Consumer demand was faltering 
just at the point where retailers 
were pushing through ambitious 
expansion plans, and previously at- 
tractive stocks were not on the sell 
list. 


Mr von Greyerz said that, in trad- 
ing terms, Dixon's subsidiary was 
going against the trend. Neverthe- 
less be could hardly expect an issue 
of new shares to be greeted with 
much enthusiasm at this time, and 
the share price in London would 
have been depressed for some time 
as stock issued in the US would find 
its way back to London. 

Dixon's US listing will be via 
sponsored American Depository 
Receipts- Several investment banks 
will be making a market in these 
shares. 

Share in Dixons - which in July 
announced a 31 per cent increase in 
pre-tax profits to £103m (S167m) for 
the year to May - gamed 3p to 385p. 

Meanwhile, Royal Insurance, the 
UK insurance company and fund 
manager, yesterday said it planned 
a full listing on foe New York Stock 
Exchange. 


Motor Colombus 
aims to reorganise 


KOP profits 
jump 45% 
to FM519m 


BY OUR FINANCIAL STAFF 


By On VManati in Helsinki 


Last month the bank came out 
with a Reverse S&P Investment 


Note (Reverse Spin) with a maturi- 
ty of three years, which rnumised to 


ty of three years, which promised to 
repay more than three Hmw any 
decline in the S&P 500 between foe 
time of issue and redemption. 

Although the principal of the Re- 
verse Spins was not guaranteed by 
foe FDIC, it was backed by the as- 
sets of Chase itself. 

Last spring when sentiment 
among investors was overwhel- 
mingly bullish. Chase issued CDs 
linked to a rise in the S&P 500. It al- 
so marketed ordinary bank deposits 
with returns related to upward 
movements of the stock market. 


MOTOR OOLOMBUS, the Swiss in- 
dustrial group, expects consolidated 
gamings to be at least maintained 
tiiis year, according to Mr Angelo 
Pozzi, rhairman. 

He said the company, which 
made net profits of SFrI3-8m 
(589.8m) in the year ended July 
1987, aimed to reorganise itself into 
four groups: energy, systems, com- 
munications and capital invest- 
ment 

The company remained commit- 
ted to its traditional business of en- 
ergy production and distribution 
but would channel most of its in- 
vestment into developing new tech- 
nology and into Its growing tele- 
communications business. 

Motor Colombus would invest 
about SFr70m this year, most of 


which would be earmarked for de- 
veloping technology, es pecially for 
the energy, biotechnology and elec- 
tronics industries. 

Mr Franz-Anton Glaser, a board 
member, said Motor Cokanbus’s te- 
lecommunications subsidiary, 
Tele-Cofombus, had concentrated 
on cable television but would also 
develop and maintain data banks, 
office communication systems and 
security systems. 

Mr Glaser said the g ro u p was 
considering spinning off Tele-Cot- 
ombus into a separate stock market 
listed company in order to take ad- 
vantage of “favourable” market con- 
ditions. 

Motor Colombus has also entered 
the US venture capital market 
through its Tednvest subsidiary 


KANSALLIS-Osake-Pankki (KOP). 
one of Finland's two leading com- 
mercial banks, has reported an in- 
crease of 45 per cent in consolidated 
profit, before appropriations and 
taxes, to FM519m (5117m) for the 
first eight months of 1987. This 
compares with a profit of FM635m 
for 1988. 

The bank’s profitability, accord- 
ing to Mr Jaakko i^waU, chief gen- 
eral manager, improved consider- 
ably during foe period. 

Interest income rase by 14 per 
cent to FM5 J)2bn while interest ex- 
penditure went up by 13 per cent to 
FM4J>9bn. Total income amounted 
to FM223bn, up 20 per cent from 
the same period in IMS, while total 
expenditure rose by just 13 per cent 
to FMl-S fl bn. 


Thls announcement appears as a matter of record only: 


A$900, 000,000 





Elders IXL Limited 


Equity Financing comprised of an underwriting 
entitlement issue of ordinary shares 


Pmdenttal-Bache Capital Funding 


Roach TiBey Grice & Co. Limited 


EL &C. Bailfieu Limited 


Mdntosh Hamson Hoare Govett Ltd. 


Rfvidn James Cape! Limited 


Manager. Roach TiUey Grice & Co. Limited 






Financial Times Thursday October 2 1987: 

INTERNATIONAL COMPANIES & FINANCE} 


VALMET PAPER MACHINERY INC. 


has acquired a majority 
interest in 


ROTOMEC S.p.A. 


on behalf of Valmet Paper Machinery Inc. the undersigned 
developed the acquisition strategy, 
approached the sellers, valued the company, 
and assisted in negotiating and 
closing the transaction. 


BOOZ ALLEN ACQUISITION SERVICES 

BOOZ ALLEN & HAMILTON INC 


September 1987 


I Marine 
losses hit 
Wartsila 
earnings 

ByOBVMftntninlMaMd 

WARTSILA, the Finish metal 
and engineering group with 
interests In lU^nfldiiig, die* 

set ww giiwm, sanitary ware 

security systems, has suffered 
a dramatic setback to gw fl te 
for the first means af 
1987. 

Profits before financial 
items and taxes have tumbled 
to FHlftm ($4m) from the 
FM495m of the first eight 
months of IMS. Tanrar de- 
creased from FM4.07bn to 
FM&Ubn. 

The decline is otiid; doe 
to tfae poor fortunes of the 
world shipping indostry. Wart- 
rii» Marine,whicfa «» «*«™** far 
49 per cent of groap t nn ww, 
iacarred a loos of FMUSn dar- 
ing the period. 

According to Mr Tor Stelpe, 
president of Wartsila, the Ma- 
rine division's hillings have 
been exceptionally low. Fur- 
thermore, the division was hit 
by substantial adjustment 
costa when the shipyards of 
WaxtsQa and Valmet merged at 
the beginning of this year. 
Wartsila now controls 79 per 
cent of Wartsila Marine whfle 
Valmet has 30 oer cen t. 

Mr Stoipe is confident that 
the marine division's profit- 
ability will Improve In 1988. 
The backlog of orders now to- 
tote FM&AaJncludiiig FM5bn 
worth of new orders r ece i ved 
this year. 

The diesel division’s sales 
totalled FM553m. up 8 per cent 
from a year earlier, but profit- 
ability remains s mfoh gw L 
SanWcc, the sanitary ware dhri- 
sfan, increased sales by 12 per 
cent to FM4J2n. Capacity util- 
isation Is high — d profitabili- 
ty satisfactory . 


U.S. $43,750,000 

Palladium Entertainment, Inc. 

a company formed by 
Gary Dartnall and Nathaniel T. Kwit, Jr. 

has acquired the stock of 

Southbrook International 
Television Company pic 

a public limited company 
incorporated in the United Kingdom 


U.S. $30,000,000 

Term Credit Facility 

U.S. $5,000,000 

Revolving Credit Facility 

provided by 

Irving Trust Company 


US. $8,750,000 

Subordinated Notes, 
Exchangeable Preferred Stock 

and 

Common Stock 

provided by 


TCW Capital 


We arranged die private placement of the financing, 
invested in the equity and acted as Bnandal advisor on behalf of 
Palladium Entertainment, Inc. 


Veronis, Suhler 8b Associates Inc. 

350 Park Avenue 
New York, New York 10022 
(212) 935-4990 


October 6, 198? 


Thomson plans FFr20bn spending 

| BY PAUL BETTS IN PAWS abac* 

THOMSON, the French state- written a letter to Mr Jaajnes SteSSSledgnwP he# Opt- 



day that his group's longer-term 
ambitions for the consumer 
electronics division - Thomson 
Grand Public - Included the 
possibility of a stock market flo- 
tation. 

! The disclosures follow Thom- 
son’s recent spate of acquisi- 
tions in this field, in cluding the 
takeover of General Electric’s 
EGA television and audio busi- 
nesses in the US and Thom-EM- 
rs Ferguson operations in the 
same sector. 

Mr Gomez, who has now em- 
barked on a bold long-term 
strategy to build Thomson into 
one of the leading world con- 
sumer electronics groups chal- 
lenging Japan's increasing dom- 
inance of this market, has also 


gramme is crucial for the Euro- 
pean consumer electronics 
Industry if it is to compete suc- 
cessfully against Japan’s grow- 
ing inroads in the television 
market Mr Gomez’s letter re- ' 
fleets Thomson’s intense preoc- 
cupation over the fate of the 
French DBS programme on 
which hangs the future of the 
new D2Mac European televi- 
sion broadcasting standards, 
Thomson and its European ri- 
val, .Philips, believe that the. 
new European standard will 
give European colour television 
manufacturers an opportunity 
to resist Japanese competition 
in the ftatnre market of nigh def- 
inition television. This market 
will also provide a badly 


Battle for control of Air 
Inter grows more heated 


BY OUR PARIS STAFF 

AIR INTER, the French domes- 
tic airline, has found itself at 
the of an increasingly 

heated financial dogfight be- 
tween Air France, the national 
airline company, and UTA, the 
French international carrier 
controlled by the Charge urs 
group. 

Both Air France and UTA are 
now fighting for control of Air 
Inter in which they each have 
large stakes. In recent weeks 
DTA has doubled its stake in 
Air Inter to 28 per cent The In- 
dependent airline also indicat- 
ed that it was not rating out fur- 
ther share purchases to raise its 
stake up to 37 per cent 

In response to the UTA move. 
Air France, encouraged by Air 
Inter, has confirmed plans to in- 
crease its stake In the domestic 
airline. ' 

Air France, which is headed 
by Mr Jacques Friedman, cur- 
rently owns 2A96 per cent and is 
now un gntiBMng to buy an addi- 
tional 12 per cent block of Air 
Inter shares from the French 
national railways, SNCF. 

For his part, Mr Sierra Eel- 
sen, the phainoiw of Air Inter, 
came out yesterday strongly in 
favour of Air France increasing 
its stake in tfae domestic carrier 
to block DTA's efforts to gain a 
more substantial foothold. 

MT Eelsen argued that Air 


Mr Jacqees Friedman: head 
of Air France 

bitions to develop in Europe. 
He said he had no intention of 
working with UTA, explaining 
that UTA did not operate in Eu- 
rope and that he could not see 
what advantage could be 
from a "fratricide struggle' with 
Air France. 

The manoeuvres over Air In- 
ter are the latest episode in the 
developing battle between the 
country’s airline companies as 
a result of increasing deregula- 
tion. 


France was the natural partner a result of increasing derej 
for hi« company, which has am- tion. 


Holmen Income 73% up 

BY KEVM DONE, NORDIC CORRESPONDENT, M STOCKHOLM . 


HOLMEN, the Swedish pulp 
and paper group and Europe's 
biggest newsprint producer, in- 
creased its profits (after finan- 
cial items and minority inter- 
ests) by 73 per cent in the first 
eight months of the year to 
SKzdSOm QfStaO from stfr«Bm 
a year earlier. 

The group forecast that prof- 
its for the foil year would rise 
by around 48 per cent to 
SKrSCOm from SKr371m in 1986L 
Group turnover In the first eight 
mon t hs rose by 10-8 per cent to 
SErL457bn. 

H olmen, in which the rival 
Swedish forest products group, 
MoDo, this week bought a con- 


tested 3(15 per cent voting stake, 
said the biggest boost to profits 
had come from its printing pa- 
jper operations. 

Mr Matts Carigren, chairman 
of MoDo, was yesterday elected 
temporarily to the Holmen 
board. MoDo and its affiliate Ig- 
gesnnd now control 4&6 per 
cent of the votes In Holmen, and 
a new meeting of Holmen Share- 
holders Is to be called for No- 
vember 3, to appoint a new 
board. 

In continental Europe prices 
were largely unchanged in local 
currencies, but exchange rate 
fluctuations had increased Hol- 
men earnings In Swedish kro- 
nor. 





l-H 

ITS 

‘ LUXEMBOURG 

As of September 30, 2987, the 
unconsolidated net asset value 
was US$324,677,180.98, i.e. 
US$463.82 per share of US$50 
par value. 

The consolidated net asset value 
per share amounted as of 
September 30, 1987, to 
US$49246. 



TEOLLISUUDEN VO IMA OY 
(TVO Power Company) 
US$100400400 
Ftoauns Rate Metes due 2004 

Notice is hereby given that the 
Rate of Interest for the first 
Interest Sub-period of the 
Interest Period ending on 11th 
January, 1968 has been fixed 
at 822% per annum. The 
amount payable for the first 
Interest Sub-period will be 
US$7441 and will be payable 
together with the amounts for 
the second and third Interest 
Sub-periods of the said 
Interest Period on 11th Janu- 
ary, 1988 against surrender of 
Coupon No. 15. 

Ma nufact ur ers Hanover Limited 
Avert Bank 


GRANVILLE 


SP O NS O.RED SECURITIES 


High Low Company Prt 

206 133 Aw. Brit. Ind. Ordinary 2D2 

206 145 Abo. Brit. Ind. CULS _____ ZtE 

41 34 Armftage & Rhodes ■ 31 

142 67 BBS Design Group (USh» 11C 

188 108 Bardon Group Z8C 

184 VS BroyTeehootogle* 184 

277 130 CCL Groap Ordinary ______ 271 

147 99 CCL Group 11% Con*. Prof. _ 141 

171 136 Carborundum Ordinary UC 

102 91 Carborundum 7.S96 Pref. __ 101 

175 87 George Blair . ITS 

143 119 Ids Grow 120 

to 59 Jadson Group 98 

1175 321 Joatei Bnrroagh 1174 

I3S 86 JamesSarrootfi9%Pnef. 133 

780 500 MuAI house NV (AmstSE) 505 

700 SSL Record Rkfgway Ordinary 700 

87 83 Record RJtfguoy 10% Pref. B7 

91 65 Robert Jenlctn, £5 

124 42 Semiwiiw. 224 

223 141 TflriwSCiHw 221 

42 32 Tmtan Holdings 42 

131 73 UmiocfcHokBnptSEI __ 90 

264 1 IS Walter Alexander (SE> 263 

aa 190 W.S. Veates 2D1 

175 96 West Yorks. Ind. Hasp. <USM) lSl 

Securities designated CSE) and (USItt are d« 
refutations of The Stock Exchange. Other sear 
'subject to the rotes of FI U BRA. 


Price 

Gross YMd 

ensaw nrv.cn) % Sve 

203 

— 

73 

16 123 

203 

— 

102) 

4.9 — 

3b 

— 

42 

1X7 52 

now 

— 

22 

1.9 17JI 

286 

— 

2.7 

2-4 sxi 

184 

— 

4.7 

2* 14.7 

277 

— 

13-5 

42 7a 

147 

— 

25.7 

10.7 — 

166 

-1 

5 A 

12 14-4 

102 

— 

10.7 

10-5 — 

175* 

— 

3.7 

XI AS 

120 

— 

— 


98 

— 

3-4 

55 ion 

1175 

— 

182 

US 264 

133ri 

— 

12.9 

9.7 — 

505 

— 

— 

— 202} 

700ns 

— 

14 

— 14 a 

B7ns 

— 


162 — 

65 

mmm 


— 2.9 

124SC 

— 

_ 


221 

-1 

6 Jb 

3J0 30.7 

4&usfe 

— 

OJt 

20 3.9 

90* 

— 

22 

3a 164 : 

26M 

— 

5.9 

22 19.5 , 

201 

— 

174 

8.7 20 a i 


pro- 
gramme would represent a ma- 
jor blow for Thomson. 

The fate of the satellite proj- 
ect continues to bang is the bal- 
ance because of the heavy cart 
of the programme and a 
protracted technical controver- 
sy over the satellite system it- 
self 

Mr Chirac recently asked Mr 
Jean-Pierre Souvixtra, chairman 
of Morgan Grenfell Paris, to 
draw up a report on the satel- 
lite. This report has now been 
completed but the Government 
has yet to take a firm decision 
on the fixture of the TDF pro- 
gramme. 

For Thomson, the stakes are 


The difficulties of scat of tot 
traditional defence markets 
and the problems of the Fre nch 
Dassault aerospace group are 
111 combining to have * damp- 
ening impact on Tho rn ton's go- 
fence order book- .... 

Thomson has already an- 
nounced a major restructuring 
pro gramm e for its Thomson 
CSF defence and profession*! 
electronics subsidiary inverivisg 
the reduction of 2400 jobs or? 
per cent of the total workforce 
between now and the end -of 
next year. ... 

Thomson CSF is n oneiketet* 
e x pected to report a stron g ad- 
vance in first-half net profits to- 
day. 



Oce shows 14% profits 
decline In third quarter 


BY LAURA RAUN IN AMSTERDAM 

OCE-VAN DER GRINTEN, the 
Dutch photocopier maker, re- 
ports a 14 per cent fell is third- 
quarter earnings to FI IB. 6m 
<$8m) and forecasts that profits 
will fell by between 5 per cent 
and 10 per cent for the whole 
year ending November 1987. 

The stronger guilder and the 
sale of Oce-Andeno, which is in- 
volved in specialty che m ica l s, 
were blamed for the decline in 
the quarter and for the weaken- 
ing performance throughout the 
first nine months. 

Oce sells copying machines 
for business and design engi- 
neering offices pins office auto- 
mation equipment in 90 coun- 
tries worldwide and is 
especially vulnerable to the vol- 
atility of the dollar. 

Oce, which earned net profits 
of F184Jm in 198&R6, has taken 
measures to i m p ro ve the effi- 
-clency and effectiveness of its 
organisation so as to respond 


adequately to development*. 
Efforts in the field of product - 
marketing are continuing un- 
abated, the company said. . 

Turnover was fiat at FI 444.4m 
in the third quarter, compared* 
with the year-earlier FI 4652m. 
Business office copier turnover 
rose 5 per cent on good safes of 
new copiers introduced last 
year for the higher- volume seg- 
ment of the market 

Flanked by a numb er of 
heavyweight competitors, Dee 
has carved out only a fraction of 
the business of the world copter 
market but commands one-fifth 
of the design-engineering ropi- 
er market 

For the first nine months, net 
income slipped by 3 per centre ' 
FI 5&lm from FI 57 An s year 
eartier. Turnover declined. 4 
per cent to FI L33bn from 71 . 
L39bn. An unchanged interim 
dividend of FI 450 per share, is 
proposed- . . . • 


UK ECONOMIC INDICATORS 

ECONOMIC ACTIViry-Indfcm of industrial production. annSdmtti 
output 0800 - 100 ); engineering orders (1360-100); retail sales volume 
C1SBD*»100): retail sales value ( 1080 — 100 ); registered unemployment (exclude 
mg school leavers) and unfilled vacancies (pOCtt). All seasonally adjusted. 


I99S 

prod. 

oatpat 

£& 

p— «— n 

VOL 

KstaU 

wsiae 

pteyS 

T«a ' 

1 st qtr. 

189.1 

1828 

97 

1129 

USM 

2171 

3829 

2nd qtr. 

ISM 

1042 

99 

1219 

154* 

2883 

1712 

3rd qtr. 

im 

1052 

98 

3227 

1S27 

am 

8882 

1st qtr. 

uia 

1171 

95 

1828 

1949 

2141 

8332 

uu 

107.7 

N 

2224 

1*7* 

2078 

*UM 

2nd qtr 

■ 1IM 

1827 

9Z 

2289 

XU* 

2288 

Ml 

February 

1127 

UM 

98 

U79 

1MJ 

3988 

897.1 

March 

1121 

1827 

99 

USA 

1972 

MM 

MOO 


1129 

1922 

.. S3 

1328 

1829 

3218 

8182 

1129 

1829 

98 

U24 

1012 

am 

xn 2 

June 

1123 

1929 

92 

1224 

1872 

29ES 

13U 

July 

Aug. 

1149 

ULS 

98 

1812 

l»t 

1727 

1725 

2870 

2*8® 

8M2 

8372 





MB +1 at use 

LSM +WB nos 

472 +m use 

H7 +289 Ift» 

2? +«9 *5 

ga 4-896 999 

+» 9J9 

347 +22S Ml 

« IMS 




1080* 100); baric mxtarlols and mats; 



m 


Sara- 

taW 

BmI. 

■a* 

Vbnfe. 

amlg* 

»*• read. tferte* 

1792 

1942 

197.4 

1912 

1324 

18S2 

UOJ 

1*72 

1432 

MS.7 

1492 

1472 

SK S» 1935 912 

S'? 52 I'M* 912 

*21 982 3288 408 


■ daajt In 
securities 


— is 161 an 

steket to' the rote and 
listed show ara dealt bi 


GkanviHc & Co. Limited 
8 Lovst Line, London EC3R8BP 
Telephone 01-62 1 1212 
Member of HMBRA 


GzsnvSe Davies Cotemsn Limbed 
27 LovuLsne, London EC3R8DT 
Telephone 01-62 1 1212 
Msnbcr of the Stock Exchange 


MLt UH 
ISM Ltn 












23 


F i nanc i al Times Thursday October 8 1987 





Consolidated-Bathurst Inc. 

NOTICE OF PARTIAL REDEMPTION FOR MANDATORY SINKING FUND 
TO THE HOLDERS OF 1714% SERIES I DEBENTURES DUE NOVEMBER 15, 1988 

NOTICE IS HEREBY GIVEN pursuant to the mandatory sinking fund provisions relating to the 1716% Series l Debentures due November 15. 1988 (the "Series I Debentures") of Consolidated-Bathurst Inc., that the following Series I Debentures, in the aggregate 
principal amount of UJ5-$1 0.000.000 In coupon bearer form in the denomination of U.S .$1,000 each and bearing the following distinguishing numbers, namely: 




nm nw 39M a»e 

tmo 2TC57 2244 1 ZPE3 

HIM non Z2443 23781 


28X0 77548 7081$ 30137 31U4 37332 



SE 






47777 4wie 
4TJ1 £3618 


n r.flB 


SS.Si 


jss 


47880 48 MW 
47890 49117 
47883 49138 






























































































24 


INTERNATIONAL CAPITAL MARKETS & COMPANIES 


Financial Times Thursday October 8 1987 


Three-part A$lbn issue by Bell 


BY ALEXANDER NlCOLL, EUROMARKETS EDITOR 


BELL RESOURCES, which 
groups the mining and energy 
interests of Hr Robert Holmes 
‘a Court's Bell Group, yesterday 
made a three-tranche Eurobond 
issue worth a total of just over 
Aglbn. The bonds are convert- 
ible into shares of Broken Hill 
Proprietary, in which Bell has a 
28 per cent stake. 

The move, which the market 
had anticipated, has fed re- 
newed speculation about Mr 
Holmes' a Court’s intentions to- 
wards BHP, for which he bid 
last year, as well as towards oth- 
er companies in which he has a 
stake, such as Willis Faber, the 
UK insurance group. 

There has been speculation 
that the latter might be an ave-» 
nue for the purchase of Morgan 
Grenfell, in which Willis has a 
holding of about 20 percent 

The most common view yes- 
terday among Australian stock- 
brokers in London and in the 
Eurobond market however, was 
that the fttndraising represent* 


ed the arrangement of cheaper 
financing for Bell Resources' 
shareholdings, which also in- 
clude 10 per cent of Texaco, the’ 
US oil major whose financial 
position has been weakened by 
its running litigation with Penn- 
aolL 

According to this view, the 1 
deal indicated neither a poten- 
tial divestment of BHP shares 
nor the building of a war-chest 
for acquisitions. 

The largest portion of the is- 
sue - all of which was led by 
Merrill Lynch Ca pita l Markets - 
was in dollars, at$575m, and the 
other tranches were A$150m 
and £50m. All were for 10 years, 
have a conversion premium in- 
dicated at 18 to 22 per cent and 
cany the option for the holder 
to put the bonds back to the is- 
suer to get yields equivalent to 
government bonds in the rele- 
vant currency. 

The dollar tranche, with an 
indicated coupon of 5% to SVx 
per cent, has a put after six 


years. The Australian dollar 
portion has a coupon of Ttt to 8 
per cent and a put after five 
years, and the sterling bonds 
nave a 4% to 5 per cent coupon 
and a put after five years. 

The market view was that the, 
bonds were sensibly priced. 
The large size of the dollar is- 
sue meant that it would take 
longer than the others to digest, 
but it was traded at discounts 
less than its fees and Merrill 
was said to be handling the is-' 
sue well. 

The bond issue, stockbrokers 

thafltr Holmes^aJCmirt^Poidtf 
have to sell BHP shares to con- 
verting bondholders, since Bell 
Resources retains the option to 
pay out the equivalent amount 
in cash instead of supplying* 
shares. 

The deal is similar to others 
which have been convertible in- 
to the shares of other compa- 
nies. Both Associated Newspa- 
pers and News Corporation 


have issued bonds convertible 
into Renters shares, and Gener- 
al Cinema into the shares of. 
Cadbury Schweppes. 

The exact structure, however, 
is not finalised because Bell is 
to make a proposal to the Aus- 
tralian tax authorities. They re- 
cently ruled that interest costs 
on a convertible bond are not 
tax deductible. 

If the tax authorities agree, 
Bell plans to issue two bonds aH 
once: a straight bond, and a de- 
tachable exchange bond which 
will be 1 cent paid and will rep- 
resent the conversion rights. 
Merrill has structured the issue 
to discourage bondholders from 
separating the two. In the event 
of a forced conversion during 
the first year, bondholders will 
receive accrued interest as well 
as dividends. 

BHP shares eased in London 
yesterday to A$10.24/32 from the 
previous close of A$10JXV60 and 
Sydney’s finish yesterday of 
AglOSQiSS. 


Credit Lyonnais fills Eurosterling gap 


BY OUR EUROMARKETS EDITOR 


DOLLAR BOND markets yester- 
day took in their stride a rise in 
US bank prime rates from 8% to - 
9V» per cent, with the Eurodol- 
lar bond market retaining its 
small gains after the news as it 
awaited the outcome of yester- 
day's seven-year Treasury note 
auction. 

The new issue market, domi- 
nated by the Bell Resources 
package, saw a smattering of 
other issues in various curren- 
cies. 

Credit Lyonnais made the first 
straight Eurosterling issue for- 
several weeks, designed to meet 
what was seen as a shortage of 
paper in the new issue market 
The £75m five-year issue, led by 
Eleinwort Benson, was believed 
to be intended to help fond Al- 
exanders Laing and Cruick- 
shank, the UK broking group 
just acquired following the 

I 


takeover of Mercantile House. 

The issue was priced at 10114 
with a coupon of 1014 per cent to 
give a yield of about 20 basis* 
points above equivalent gilts at 
launch. It was bid at a discount 
equal to the fees, and was aided 
by a stronger Eurosteriing mar- 
ket 

In West Germany, Lindt rod 
SprueugU, the Swiss chocolate 
maker, made a DMlOOm bond is- 
sue with equity warrants led by. 
CSFB-Eflfectenbank. It also 
made a SFrtOm domestic Issue. 
The German seven-year bonds 
cany a 314 per cent coupon and 
a conversion premium of 22 to 
23 percent It was bid at 104. 

The German market saw five- 
year bank bond yields rising 
slightly after the announcement 
of a Da73bn repurchase tender 
at 3.75 per cent, 10 basis points 
up on toe previous such opera-. 


tion. D-Mark Eurobonds were 
slightly lower although the 
firmer New York market helped 
them to recover from the day’s 
lows. 

Swiss bond prices closed up 
to half a point lower in small 
volume. Wicker Chemical, a 
Dutch subsidiary of a German 
company, made two issues total- 
ling SFrOOm led by Swiss Bank 
Corporation. A public SFrtOm 
10-year 5V% per cent issue was 
priced at par, and a private 
SFrtOm seven-year deal was 
priced at par with a 5 per cent 
coupon. 

The Spanish market is to see 
its third "matagoi* bond, a 
PtalObn eight-year issue for the 
European Community. The is- 
sue, to be led by Banco Industri- 
al de Bilbao, must await formal 
clearance by the Spanish Fi- 


nance Ministry. The issue will 
be priced at par with a 12% per- 
cent coupon. 

In the dollar sector, Korak- 1 
ns, a Japanese leisure compa- 
ny, made a $50m five-year issue 
with equity warrants, with an’l 
indicated coupon of 3V% per 1 
cent, led fay Yam ai chi Interna- 
tional. A 570m issue for Nippon* 
Paint had its coupon cut from 
3% to 944 per cent A $50m con- 
vertible for Facet Enterprises , 
had its coupon fixed at 7 per 
cent and conversion premium 
at 2L3 per cent 
An issue for National West-! 
minster Bank was Increased! 
from A$50m to ASTOm fay County j 
NatWesL 
• Merrill Lynch Capital Mar- 1 
kets did not join the group for 
the IMI issue, as was incorrectly 
reported in yesterday’s FT. 


Japanese 
companies 
shy away 
from stocks 

ONE OF TBS main sources of 
‘Japanese money pumping into 
stock and bond markets in Ja- 
pan and o ver sea s for the past 

two years is starting to dry np, 
Reuter reports from Tokyo. 

• Trust bank executives in 
Tokyo say that Japanese cnxn- 
i panics and Hwurf^ institu- 
tions, which have been large 

act buyers through special 
money trusts (tokkin) and fond 
: trusts, have slowed their pur- 
chases or started withdrawing 
'money. 

"Potential investors are stay- 
ing away and previous inves- 
tors are shifting their money 
out of the tends when con- 
tracts expire,' one banker said. 

Trust banters said fig- 
ures for September have yet to 
be compiled, but outstanding 
assets ef both fokkin and trust 
fends fell during toe month 
and the trend is likely to con- 
tinue this month. 

At the end of March 1888, the 
money in tokkin and tend 
trusts totalled about 
Y10,7Mbn. Tht total more than 
doubled to Y22£Mbn by March 
this year, one securities ana- 
lyst said. 

As of June this year, 2&5 per 
cent of their Investments were 
in domestic bonds, 283 per 
cent in foreign stocks and 
bonds, and 37 J per gfnt in do- 


CRH sterling programme 


CRH, THE Dublin-based build- 
ing materials group formerly 
known as Cement Roadstone, is 
to have a £ 100 m sterling com- 
mercial paper programme as* 
well as a £100m multiple- option 
facility, writes ear Euromarkets 
Editor 

Mr Harry Sheridan, general 
manager for finance, said the’ 
package would provide the com-. 


puny’s UK operations, which 
will have a turnover of about 

£220m this year, with cheaper 
tending than previous TmnMwgi 
arrangements. I 

County Nat West is arranging, 
the commercial paper pro- 
gramme, and Bank or America. 
International the facility sup- 
porting the programme. ' 


BfG in Euro Japan stake 


BANK foer Gemeinwlrtschaft 
has acquired a 20 per cent stake 
in Euro Japan Corporation, a 
Japanese portfolio management 
.(inn, as a first step into the Jap- 
anese financial market, n ** * n 
reports from Frankfort. 

BfG said both firms would of- 
jfer international portfolio man- 
lagement to Investors. Euro Ja- 
pan currently manages 


portfolios 

DML25bn- 


worth around 


The acquisition fits into Bf?s 
strategy of expanding its securi- 1 
ties business and activities 
abroad and will allow its clients 
to invest in Japan through Euro 
Japan, while Japanese custom- 
ers will be able to use BfG’s £a-;i 
cilities. <1 


Ibis aonouBccmeutappeam as a matter cfieeard only. _ 


NEW ISSUE 


SEPTEMBER 1987 


$ 


HODOGAYA CHEMICAL CO., LTD. 

U.S. $50,000,000 

3 l A per cent. Guaranteed Bonds Due 1992 


with 

Warrants 

to subscribe far shares of common stock of Hodogaya Chemical Gl, Ltd. 

The Bonds wfll be unconditional^ airi irrevocably guaranteed ty 

The Industrial Bank of Japan, Limited 

Issue Price 100 per cent 

New Japan Securities Europe Limited 

IBJ International Limited The Nikko Securities Co., (Europe) Ltd. 


Chuo Trust International Limited 
Deutsche Bank Capital Markets Limited 
Morgan Grenfell & Co. Limited 
Morgan Stanley International ' 

Salomon Brothers International Limited 


Credit Suisse First Boston Limited 
Eleinwort Benson Limited 
J. P. Morgan Securities Asia Ltd. 
Norinchukin International Limited 
Sanwa International Limited 


J. Henry Schroder Wagg& Co. Limited Swiss Bank Corporation International Limited 
Wako International (Europe) Limited S. G. Warburg Securities 

Yamaichi International (Europe) Limited 


France to offer 
CAECL stake 
to investors 

THE FRENCH finance nrfais- 
hry is to sell off part of Caisse 
(TAJde a rEquipement des Cel- 
fectivites Locales (CAECL) the 
local anthorlty Funding agen- 
cy, to institutional Investors, 
Renter reports from Paris. 

The disposal, which will 
take place after conversion of 
the stat e owned agency's stat- 
ute to that of limited company, 
would leave toe agency 

the control ef the state. Instita- • 

tienal investors would a' 
44 per cent state In the new 
cempaay, to be called Credit 
Local de France. 

The transfer of capital to the 
new investors will not 
place until the national priva- 
tisation commission has ap- 
proved the procedure and set 
the mice, the ministry's state- 
seat said. 

Caisse de Depots et de Con- 
signations, the state-owned 
central savings and Invest- 
ment body, will also a 
stake in them 


Marine 
Midland move 

By Oar Financial Staff 

MARINE MIDLAND Bank of 
the US is to Integrate its Lon- 
don branch operations with 
those of its parent, the Hong- 
kong and Shang h ai Banking 
Corporation by the end of this 
year. Last year. Marine's Lon- 
don branch began to concen- 
trate mainly on capital 
activities. 

Hr Richard Keller, Marine's 
executive for capital mark et s, 
said the move reflects the In- 
creasing coordination of Ma- 
rine's international capital 
markets activities with those 
of Hongkong and 
and Marine's withdrawal from 
most lending activities outride 
the western hemisphere. 

BP plays down 
Italian link 

.BP thiulICAT 3 said yester- 
day there was no immediate 
prospect of resuming talks 
with Enichem, toe Italian 
state chemicals company, on a 
possible polyethylene joint 
venture. Our Milan Correspon- 
dent writes. 

The BP denial of a resump- 
tion of talks followed the claim 
by an Italian official that plans 
existed for such talk* to re- 
start 

In a statement in Louden 
jrday, BP Chemicals eon- 
that it had held talks 
earlier this year with a num- 
ber of European polyethylene 
prodace rs, including Eni- 
cbem, but said that those talks 
had ceased. 


Swiss come round to 
grey market in bonds 


Tokkin are trust accounts in 
which i n v erto r s decide where 
tiie money will be Invested, 
while fend trusts are accounts 
— ** Mn ff** 1 by frost bank manag- 
ers. 

Financial institutions have 
been especially reluctant to 
put more money into tokkin 
and fend trusts because of new 
accounting rules introduced in 
April. 

Under the new rules, finan- 
cial Institutions mast now ac- 
count for losses in tokkin and 
fend trust i n vestments when 
stock or bond prices foil below 
acquisition costs. Previously 
their investments were as- 
sessed only at purchase price 
regardless of market perfor- 
mance, allowing them to con- 
ceal losses. 

Financial institutions now 
fear they may have to realise 
book losses following a sub- 
stantial decline in toe bond j I 
markets and because of uncer- 
tainty about the outlook for 
both stocks and benda. 

The shock of an estimated 
Y28bn loss by Tateho Chemi- 
cal Industries fra m yen hood 
trading has also encouraged 
can tion. 


, -THE ZURICH stock exchange 
I ibas announced that it will meet 
!on October 22 to consider a pro- 
Iposal to allow trading in public 
bonds before the end of public 
! subscription, or 'grey market” 
j trading. 

The move is seen as a new 
stage In the liberalisation of the 
J Swiss market- but one which aL 
.so raises new dilemmas for the 
banks which run the market's 
biggest bond issuing syndicate. 

If the measure goes through, 
tZurich - Switzerland’s 
business centre - will be over- 
throwing a prohibition which 
lhas been in effect since 1812 
{and bringing Swiss franc public 
■bond trading more closely Into 
'line with the free-wheeling Eu- 
robond market. 

The Swiss finance Ministry is 
reported to have indicated its 
support for the development of 
such a grey market by saying it 
would not levy stamp on 
bonds traded before their pay- 
ment date. 

But the Zorich stock ex- 
change’s proposal, Which would 
have to be passed by toe canton- 
al authorities, is thought to 
come mainly in response to the 
threat of loss of business to oth- 
er cantons, notably Geneva, 
{where a grey market has be- 
icome established over the last 
: few years. 

The effectiveness of th$ liber- 
alisation, if it goes through, will 
hinge cruciafry on the attitude 
.of the big three Swiss banks - 
! Union Bank of Switzerland, 
.'Credit Suisse, and Swiss Bank 
Corporation - which control toe 
m ain syndicate in the market. 
because of their ability to place 
! issues with end Investors. 

J Unlike the foreign banks and 
jothexs, they have so for resisted 
participating in the grey mar- 


SY CLARE PEARSON 

kef, which was pioneered in 
Switzerland by two US banks, 
Chemical and Citicorp. Operat- 
ing from Zurich, they have been 
booking the trades through of- 
fices in Geneva, which is free of 
toe prohibition. 

"The grey market has become 
a mit accompli,'' said one for- 
eign banker yesterday. Howev- 
er, the big three banks have so 
tor felt it inappropriate to par* 
ticipaie. 

'Given our key role in the 
market, we have felt a responsi- 
bility to be seen to m ain tai n 
price discipline in public bond 
Issues,” said an executive atone 
of the banks yesterday. 

However, two of the banks, 
Credit Suisse and Swiss Bazik 
Corporation, are believed to be 
in favour of the removal of the 
prohibition on trading daring 
the offering period, which usu- 
ally lasts for around 10 days. 

Banters see an abolition of 
Zurich’s prohibition as a long 
overdue response to the mod- 
ern-day realities of trading in 
the international debt markets, 
where toe volatility of prices 
makes it unduly risky to force 
underwriters to trade in bonds 
at fixed levels during the 
protracted offering period. 

It is also signed that the vola- 
tility of markets ninw ™hui the 
grey market advantageous for 
the retail investor who still 
dominates the Swiss bond mar- 
ket. This is because it is now 
easy for him to obtain grey price 
levels during the offering peri- 
od, and so detect when a bond is. 
mispriced. 

However, in order for the grey 
market to acquire depth, and so 
minimise misleading profes- 
sional price manipulation, the 
big three Swiss banks would 
need to back it 


This brings into relief a ques- 
tion which increasingly preoc- 
cupies Swiss bankers - whether 
the three big Swiss banks will 
continue to stand together in 
the market Recently, Utttr vir- 
tual cartel has been showing in- 
creasing signs of strain. 

Before they could take advan- 
tage of any liberalisation allow- 
ing a grey market they would 
have to relax toe rigid commis- 
sion structures they operate for 
their foreign bond issues.. 

At the moment, the big three 
are still maintaining roles, 
which disallow bonds from be*' 
iug sold at discounts lower ton 

that representing the reallow- 
ance or selling concession, even 
though this convention of toe 
Swiss Banking Association was 
abolished; for foreign bond la? 
sues early this year 

Unless they too can agree.to 
abandon- the convention, they 
will be effectively precluded, 
from trading foreign bond is- 
sues in the grey market, since 
bonds are often quoted thereat 
substantial discounts. 

The big three have been re- 
viewing their commission strut- ' 
tares for the last Tew mouths, 
but discussions appear to be 
tortuous. However, it is thought 
that Credit Suisse ia particular, 
which has been acting increas- 
ingly independently of the oth- 
er two biuiks, may favour a 
Ear-reaching relaxation of the . 
rules. 

The discussions are taken as 
further signs of a relaxation of 
the big three's cartel in toe for- ’ 
eign bond market Indeed. Dr 
Markus Lusser, vice president 
of the Swiss National Bank, pre- - 
dieted in August that the 40- 
year old agreement among the • 
big three lead-managers might 
break down altogether. 


Liffe launches sterling futures 


BY OUR EUROMARKETS BXT0R 

THE LONDON International Fi- 
nancial Futures K»pliaiip» hat 
set a launch date oCNevemberS' 
for options on its three-mo nth* 
.sterling interest rate futures. 

The addition will mean that 
Liffe will trade options on all its* 
most important futures con-’ 


tracts except for the recently 
launched Japanese government, 
bond futures. 

Other new c ontr act s in toe 
pipeline are flztnres on medi- 
um-term gilt-edged securities, 
due to be launched around the 
end of the year 

• Members of the Chicago 


Mercantile Exchange hare 
voted by a ratio of nine to one to 
approve toe exchange's agree-' 
men! with Reuter, the ' UK- 
based information group, under 
which trading in CME contracts 
will be conducted on a Renter 
system during the hours that the 
CME is closed. 


FT INTERNATIONAL BOND SERVICE 


listed » tte latest 



bonds hr which time is an adeqmte secondary onritn. 


YDI STMM8HTS 


Ctestap prices do October 7 


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American Ejprtc OCJO 94 

8 * 9(0 Bank 1590 AS— — _ 
BP Capital 13V 9Z AS. 

Oajster Crp 10 91 CS 

C-O-E. 8% 95 LF_ 


14% 90 — 

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DG Fin. Co. 13V 90 AS_ 
DC Fta. Co. 14 90 AS 

DG Finance 14% 92 AS— 

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STREAli "*** by DATA- 






Financial Times Thursday October 8 198? 

INTL. COMPANIES & FINANCE 


25 


Tony Walker on financial problems facing foreign institutions 

Chill winds blow for banks in Egypt 


FOREIGN BANKS in Egypt are 
being forced into further staff 
retrenchments and some are 
considering closing their doors 
altogether because of the con- 
tinuing difficult business envi- 
ronment 

. Foreign bankers say an antic- 
ipated lift in economic activity 
h as n ot materialised following 
Egypt’s successful conclusion 
earlier this year of an agree- 
ment with the International 
Monetary Fund which opened 
the way for a rescheduling of 
some of its foreign debt. 

Bankers complain of a deep- 
ening recession. Representa- 
tives of foreign currency 
branches - those authorised to 
deal only in foreign exchange - 
say their business is down by as 
much as 90 per cent. Several 
foreign currency branches are 
understood to be reviewing 
their presence in Egypt. 

The 18 ofifehore banks in ac- 
tive operation have been hit 
hard by foreign exchange regu- 
lations introduced this year 
that have made it virtually im- 
possible fbr their clients to se- 
cure funds to repay hard cur- 
rency loans. 


Action taken by the authori- 
ties against black market trad- 
ers has closed off the main 
source of foreign exchange for 
the private sector. Businessmen 
are not able to secure Amds 
from the banking system to set- 
tle debts outstanding at the 
time the new foreign exchange 
regulations were introduced in 
Hay. 

Bankers estimate that Egyp- 
tian private sector foreign cur- 
rency debt stands at about $3 bn. 
Pressures are building on the 
authorities to facilitate a res- 
cheduling of this debt In the 
meantime, most foreign curren- 
cy branches and some joint ven- 
ture banks are rationalising 
their operations in Egypt While 
it is unlikely that many will ac- 
tually dose, fluther retrench- 
ments of staff are certain. 

Foreign b anka with represen- 
tative offices, as opposed to 
branches, are also scaling down 
their activities. Chemical Bank 
of the US announced this month 
it was closing its office. Bankers 
Trust and Manufacturers Han- 
over are reducing their repre- 
sentation. Midland Bank of the 


UK dosed its representative of- 
fice last year. 

Chase Manhattan pulled out 
of a joint venture with National 
Bank of Egypt earlier this year. 
Chase was paid about $30m - a 
little less than book value - fbr 
its 49 per cent share of Chase 
National. 

Lloyds of the UK, a foreign 
currency branch, has in the past 
six months dosed two of Its 
three offices In Egypt Citibank, 

another foreign currency 
branch, is also scaling down. 

Representatives of foreign 
currency branches are highly 
critical of the authorities which 
they say seem to have little in- 
terest in offering encourage- 
ment to foreign banks which 
they stress are the largest for- 
eign investors in Egypt outside 
the oil sector. 

Bankers report that hard cur- 
rency flows through the banking 
system have levelled off after 
showing an improvement fol- 
lowing the partial float of the 
Egyptian pound in May. The au- 
thorities matched pound rates 
with those available on a previ- 
ously booming black market. 


Tourism receipts are well up 
as Egypt is undergoing a tourist 
boom at present, but remit- 
tances from workers abroad are 
not flowing into the system as 
expected. 

The government had hoped 
that its new, more realistic ex- 
change rate would encourage 
more expatriate Egyptians to 
remit fluids through the bank- 
ing system instead of continuing 
to use unofficial channels. Huge 
sums of Egyptian pounds smug- 
gled out of the country are trad 
ed in the Gulf where tens of 
tho u sands of expatriate work- 
ers are employed. The govern- 
ment has recently sought to en- 
force regulations that prevent 
the import or export of more 
than E£20 C$9m). 

Bankers are critical of recent 
government attempts to restrict 
lending. They believe that new 
stimulus is required to encour- 
age a pick-up in business activi 
ty. This should be directed par- 
ticularly, they say, at the private 
sector which is expected to con- 
tribute 38.7 per cent of new in- 
vestment under the 1987-92 
five-year plan. 


Alexanders Laing to take 
full control of offshoot 


BY OUR FINANCIAL STAFF 
ALEXANDERS LAING and 
Crnickshank CALC), the UK 
stockbroker which is being ac- 
quired by Credit Lyonnais of 
France, yesterday moved to 
take full control of May Mellor 
Laing and Crnickshank. its Aus- 
tralian securities affiliate. 

ALC had owned half of the 
unit and was keen to buy the 
rest foUowing a liberalisation 
of .brokerage ownership 

Its intentions were thrown in- 
to jeopardy late last year, how- 
ever, when the National Compa- 
nies and Securities 
Commission, the Australian 
share market watchdog, de- 
nounced as "unacceptable 11 


ALCs role in a share transac- 
tion involving Humes, a build- 
ing products group which was 
facing a hostile takeover at- 
tempt by Mr Garry Carter's Uni- 
ty-APA group, an ALC client. 

The case was settled out of 
court in March with a prosp 
tive loss to ALC, owned by Mer- 
cantile House, of np to 
£9m.($14£m) 

• James Cupel, the London 
stockbroker owned by Hong- 
kong and Shanghai Ranking 
Corporation, said yesterday it 
had received approval from the 
South Korean authorities to 
open a representative office in 
SeouL 


Notice of Redemption 
to the Holders of 

John Hancock Overseas Finance N. V. 

12% Gu aran teed Notea due November t, 1989 
Unconditionally Guaranteed — to Payment of Principal, 
Pr e mi um, if any, and Interest by 

John Hancock Mutual life Insurance Company 

NOTICE IS HEREBY GIVEN by John Hancock Oveneas Finance N.V. 
( die "Company") chat pursuant id Paragraph 7(a) of the Company’s 129b 
Guaranteed Notes due November 1, 1989 (die “Notes") the Company 
has elected to ndeera.aH of its oomandinE Notes on November I; 1987, 
(the “Redemption Dure") at the Redemption Price of 101% of their 
principal amount With respect tn-Beaier Notes, coupons, maturing oar 
November l, IS>87 and prior thereto should lx detached and surrendered 
far payment in die usual manner. With respect id Registered Notes, 
interest due November ), 1987 will be paid in the usual manner. 

On November 1, 1987, the Redemption Price will become due and 
payable upon all Notes, and interest on the Notes shall cease to accrue on 
and after that dare. 

AH Bearer Noces, together with all interest coupons appertaining 
thereto maturing after the Redemption Date, are to be sunendered far 
payment of the Redemption Price at die Corpor a te Trust Office of 
Bonkers Trust Company in the Borough of Man h at t a n , die City of New 
York, or at the main offices of any one of (!) Bankets Trust Company in 
London, (2) Ba n kets Trust Compa n y in Paris. (3) Bankets Trust GmbH 
in Frankfurt am Main, (4) Swiss Bank Corporation in Basle, (5) Banque 
Indosuez Luxembourg, in Luxembourg, or (6) Banque Indosuez Belgique 
in Brussels. 

All Registered Notes are to be surrendered for payment of die 
Redemption Price at ( I) the main office of Banque Indosuez Luxembourg, 
in Luxembourg, or (2) the Corporate Trust office of Bankers Trust 
Company in the Borough of Manhattan, the City of New York. 

A holder who presents a Non for payment to Bankets Trust Company in 
New York, or who requests payment to be made by transfer id an account 
in, or by mail to an address in, the United Scares, may be subject to 
backup withholding of United States income tax at a rate of 20% if the 
payee fails to provide the paying agent with an executed Internal 
Revenue Service Form W-8, certifyiQg under penaltiesdfpeijury that die 
payee is not a United States person, or an Internal Revenue Service Form 
W-9 executed under penalties of perjury including the payee* United 
States taxpayer identification number and certain required 
certifications. 


Q Bankers Trust 
Company, London 
October 1, 1937 


Agent Bank 


Black customers to be 
offered Stanbic shares 


BY JM JONES IN JOHANNESBURG 


BLACK CUSTOMERS are to be 
offered lm shares in Standard 
Bank Investment Corp (Stanbic) 
as part of the divestment from 
.South Africa of the UK’s Stan- 
dard Chartered Bank. 

The shares will be privately 
placed at R 18.75 each, as will 
another lm units earmarked for 
the bank’s staff and a fluther lm 
reserved for other selected cus- 
tomers. 

In the disposal. Liberty Life 
iemerged as the bolder of 30 per 
cent of Stanbic’s equity, 20 per 
cent was held fay Ola Mutual, 10 
per cent each by Rembrandt 
and Gold Fields or South Africa 
and 5 per cent by the bank's 
own pension fluid. This left 
about 3m shares to be sold to 
other investors as the Banks Act 
prohibits corporate sharehold- 


ings larger than those. 

Stanbic’s directors say the de- 
cision to sell the shares to black 
customers was taken after dis- 
cussions with members of the 
black community. Several other 
companies including Anglo 
American, the mining house, 
and Pick 'n Pay, a leading su- 
permarkets group, are planning 
employee share ownership 
schemes. 

Many black South Africans 
mistrust the companies* mo- 
tives, however. Earlier this year 
one motor industry union re- 
jected an offer of shares in Sam- 
cor, the motor manu&cturer 
jointly owned by Ford and An- 
glo American. Plans to sell Co- 
ca-Cola's former interests to 
black retailers are bogged down 
by black mistrust. 


Platinum mine launched 
in Eastern Transvaal 

By OutJ u I — im Iwb Con es p onrt srt 

RAND MINES and Vansa Vana- 
dium of Sooth Africa are to 
raise an initial -R144m-(98BLfbii) 
from their shareholders to help 
finance their R53Qm. Rhodium 
Reefs platinum mine , sear the 
Eastern Transvaal town of. 

Steelpoort, which is designed to 
produce 140.000 ounces of plati- 
num a year by 1992. 

The finanring will come 
through a new company,- Bar- 
plats Investments, which wffl 
own Rhodium Reeft and which 
will HiiHaiiy be 60 per cent held 
by Rand Mines and 49 per cent 
fay Vansa. Barplats is to issue 
LZ6 linked unit s to its share- 
holders at R310 each to raise 
R380m development capitaL 


Each l i whnH mitt comprises 10 
Barplats shares and eight 8 per 
cent unsecured convertible de- 
bentures of B20 each. 

After the issue Barplats will 
have 2fi.l4m ordinary shares 
and asm debentures in issue. 
Band Mines will own 5884 per 
cent of Barplats. 

• Anglo American has con- 
firmed that it is to establish 
new gold mine in Namibia. The 
open cast mine, to be called Na- 
vachab, is planned to come into 
production in October 1960 at a 
cost of R88m and to process 
750,000 tonnes a year of ore at 
grades of between 2 and 3 grams 
per tonne. 


DBS Land offer oversubscribed 


THE DBS Land two-tranche 
public share offer totalling 
285m shares in domestic and in- 
ternational markets has been 
oversubscribed, Reuter reports 
firom Singapore. 

Development Bank of Singa- 
pore, its parent, said that ait the 
close of applications on Tues- 
day, subscriptions for a total 
L5bn shares were received, of 
which 70B per cent were for the 
Singapore tranche and 29.1 per 
cent for the international 
tranche. 

DBS Land is to allot 1423m 


shares to the public in Singa- 
pore and the same number to 
investors overseas. It floated 
the shares at S$L35 each. The 
15m shares it reserved for the 
ma n ag em ent and staff were (tal- 
ly subscribed. 

DBS Land’s share offer was 
the last of three issues floated 
recently. A Singa ironies issue 
of 17.5m shares, which closed 
last week, was 52 times oversub- 
scribed. On Monday, Singapore 
Reinsurance reported that its 
public offer of 18m shares was 
oversubscribed 266.4 times. 


We are pleased to announce 

THE FORMATION OF 

Gilliam Joseph 
Littlejohn 


The Firm has committed equity capital of $150,000,000 
available for leveraged acquisitions of a diversified 
portfolio of industrial companies. 


William J. Gilliam 


Peter A. Joseph 


Angus C. Littlejohn, Jr 


Gilliam Joseph & Littlejohn 

126 East 56th Street, New York, N.Y 10022 
(212) *644 *8200 


September 1987 


This is neither an offer to sett nor a solicitation of an offer to buy these securities. 
The offer is made only by the Prospectus. 


2,000,000 Shares 


& “ “■ &3£Sr 



Bulk Carriers Ltd. 


Common Stock 


Price $10 Per Share 


Copies of the Prospectus may be obtained in any Stax in which this announcement is 
circulated only from such of the undersigned as may legally offer these securities in such State. 


Mahon, Nugent & Co. 

Advest, Inc. Blunt BOs & Loewi Boettcher & Company, Inc. 


Dain Bosworth 

(neorporatod 

Dalwa Securities America Inc. Eberstadt Fleming Inc. Furman Setz Mager Dietz & Blmey 

MnNMMtf 

Johnston, Lemon A Co. Josephthal & Co. Kuhns Brothers & Laidlaw, Inc. 

Incorporated Incorporated 

McGinn, Smith & Co., Inc. McKinley AJfsopp, Inc. Morgan, Otmstead, Kennedy & Gardner 

Ancovpormtf 

The Nlkko Securities Co. Underwood, Neuhaus & Co. Yamalchi International (America), Inc. 

fc i Mi m Botiat. km Incorporated 

Birr, Wilson Securities, Inc. Carolina Securities Corporation 

New Japan Securities International Inc. Nippon Kangyo Kakumaru International, Inc. 

Securities William K. Woodruff & Company Woolcott & Co., Inc. 


September 17, 1987 


m3 L mJA City Federal 
™ 111 Savings Bank 

US. $100,000,000 

Collateralized Floating Rate Notes 
Due October 1993 

Notice is hereby given that the Rate of Interest las been 
fixed at 8*4875% p.a. and that the interest payable on the 
relevant Interest Payment Date. January 8. 1988, against 
Coupon No. 5 in respect of U.S.$25.000 nominal of the 
Notes will be U^$54? 26. 

October 8, 1987, London _ ...^ 

By: Citibank, NA (CSSI Dept.), Agent Bank CfTlBAN\% 9 


r^i 


Weekly net asset value 

Tokyo Pacific Holdings (Seaboard) NLV. 

on 5.10.87 US$147.52 

Listed on the Amsterdam Stock Exchange 

URUiiTnllOn. rWHOfl, irOVOnfig ft i wi imi 

Hmngracht 214, 1016 B8 Amsterdam. 




Floating RateT«5tes, serii 
Pue May 2005 


Interest Period 

Interest Amount per 
U.S*10,000 Note due 
5th November 1987 


5th May 1987 
5th November 1987 


U&339&98 


Credit Suisse First Boston limited 
Agent Bank 


£100,000,000 


H 

BRADFORD &BMGLEY 

BUUMGS0CETY 

Floating Rate Notes Due 1998 


Interest Rata 

Interest Period 

Interest Amount per 
£10,000 Note due 
6th January 1988 


10^16% per annum 

6th October 1987 
6th January 1988 


£259.22 


Creffit Suisse First Boston limited 
Agent Bank 







2b 


Financial Times Thursday Ociober8 


UK COMPANY NEWS 


Raine in £61m bid for 
Aberdeen Construction 


BY CLAY HARRS 


Raise Industries, the diversi- 
fied building group, yesterday 
launched a takeover bid for Ab- 
erdeen Cans traction Group 
which values the contracting 
and building materials group at' 
£81 bl 

The acquisition, recommend- 
ed by the Aberdeen board and 
already supported by 37.4 per 
cent of its shareholders, will ex- 
pand Raine’E contracting activi- 
ties into southern England and 
north mid north-east Scotland. 

The fast-growing Raine, 

which is also a housebuilder 
and shopfitter, reported pretax 
profits of £&77m for the year to 
Jane 30, more than double the 
previous £LS7m, restated for 
the merger-accounted purchase 
of Miller Wheeldon. 

Aberdeen, meanwhile, un- 
veiled. a 38 per cent decline in 
Interim pre-tax profits to £L01m 
<CL65m) and net extraordinary 
charges of £8. 8m resulting from 
the closure of its civil engineer- 
ing operations and the write- 
down of its development prop- 
erty assets. 

Raine is offering 245 shares of 
every 100 of Aberdeen's. With 
Raine shares down Bp to 150p, 
its 245-fbr-100 offer was worth 
367.3p, compared with Aber- 
deen’s market price of 333p, up 
340p. There is a cash alternative 
Of350p. 

In addition to increasing 
Raine’s geographical spread, 
the acquisition will also add 
considerable expertise in in- 
ner-city renovation. The Sou- 
thampton-based operation of 
Aberdeen’s Ball & Tawse sub- 
sidiary has been heavily in- 


volved In partnership schemes 
for local authorities and hous- 
ing associations. 

Mr Norman Johnston, Aber- 
deen's executive director re- 
ponsible for contracting, will 
ft pnd the same division in the 
combined group, which expects 
annual turnover of £130m. 

Tbe deal also signals Raine’s 
belief that the wont Is over in 
the oil-dependent economy in 
north-east Scotland, where Ab- 
erdeen is the leading manufac- 
turer and distributor of con- 
crete building products. It also 
mnirtw bricks, quarries sand, 
gravel and granite aggregates 
and saws and polishes granite 
blocks. • 

Despite Aberdeen’s £4.19m 
property writedown and deci- 
sion to stop all development ac- 
tivities, Mr Peter Parkin, Raine 
chief executive, said that its ex- 
pert advice from Scotland indi- 
cated there was "still proven de- 
mand for good quality 
development* 

Nevertheless, Mr Parkin said: 
"We are not long-term investors 
in p ropert y. " 

Govett Strategic Investment 
Trust will hold nearly 9 per cent 
of Raine after undertaking to 
accept the share offer on behalf 
of its 29 l 8 per cent holding in 
Aberdeen. The Govett trust took 
cash when it sold Raine a 203 
per cent stake in Tilbury Group 
last December. Raine sold its 
Tfibuzy shares in July for a 
profit of more than £&zl 

Raine’s turnover rose by 415 
per cent to £42. lm (£29.7m re- 
stated). K«rniwg« per share 


more than doubled to A5p &2p) ; 
find the fi"»l dividend is in-! 
creased to Ip (0405p) to make a| 
total of L4p(0825pX _ . 1 

In Aberdeen’s first six) 
months, turnover fell by 8 per 
cent to £4&3m C£48.4mX Earn-; 
ixtgs per share fell to 3.75p. 
(&24pX Because of the Raine of- j 
fer, there is no interim dlvl-i 
dend. It otherwise would have 
been maintained at2.4p. ; 

The board said it had taken! 
vigorous action to reduce bar-; 
rowing, which had reached ' 
£2fim in July, just after a new ' 
chairman and deputy «*h»iTni«n i 
took over. Interest costs absorb- j 
ed more than half of interim op- ; 
erating profit 

Despite the first-half derlinp, j 
Aberdeen expected pre-tax 
profits for the full year to ex- 
ceed the £345m achieved in 
1986. 


HP-Europe 
to join SE 
to finance 
expansion 

BY KEVM BROWN, TRANSPORT 
CORFESPONDEWr I 


Royal Insurance seeks US listing 


•comment 

Raine has picked its target -! 
and its moment - welL Aber- 
deen had taken all the right 
steps to retrench, but the bor- 
rowing burden promised to be a 
drag for some tune. Even at the 
new conservative valuation pat 
on Aberdeen’s properly, the ac- 
quisition will increase the asset 
hacking of Raine shares. The 
eight months of Aberdeen 
which Raine will take into the 
current year should lift the 
pre-tax total to ciim , where the 
prospective p/e still floats 
above 24, where Govett seems to 
find the shares more attractive 
than they were 10 months ago at 
half the price. 


Southend Stadium £39m rights 


Southend Stadium, now a prop- 
erty investment and develop- 
ment company, yesterday re- 
vealed pre-tax profits up from 
£64,364 to £302476 and details of 
a proposed £39m rights issue^An 
interim dividend has also been 
introduced with the payment of 
(Up per 8p ordinary. 

The rights issue is of 
39,876,191 5*4 per cent convert- 
ible preference £1 shares on the 
basis of of 5 preference shares 
at £1 each for every 6 ordinary, 
but not preferred ordinary, 
shares held on October 21. The 
new preference shares may be 


converted into ordinary shares 
in any of the years 1990 - 2015 
inclusive at an effective price of 
260p per share. 

Proceeds of the issue are to 
be used to substantially reduce 
bank borrowings, used to ac- 
quire a substantial number of 
properties over the past 
year.whilst at the same time in- 
creasing the capital base, and 
should facilitate the borrowing 
of farther fends, when re- 
quired, for new acquisitions. 

Total turnover in the first six 
months increased from £301,000 


to £L47m with rents receivable 
jumping from £88487 to 
£643,725, sales of dealing prop- 
erties np from £209,928 to 
£599,896 and sales of investment 
properies from £22400 to 
£228£0& 

Earnings per share worked 
through at 0i>5p (0.15p) aftertax 
of £44453 (£224228) and adjust- 
ing for July’s four-forgone scrip 
issue. Mr Malcolm Dagul, chair- 
man, said he believed prospects 
for the future of the company 
were very encouraging that it 
was well placed to continue its 
growth and expansion. 


The TIP-Europe trailer rental 
group, which was purchased by 
a management buy-out consor- 
tium for £60m 15 months ago, is 
planning a Stock Market flota- 
tion to finance expansion. 

The flotation Is expected to I 
be by way of an offer for sale to. 
raise at feast £25m Details will! 
be announced next week, and! 
the offer should take place! 
within the next two months. The 
company, which is the biggest 
operator in the fost-growing Eu- 
ropean trailer rental market, is 
understood to have improved' 
its performance rapidly since it 
was sold by Gelco, the US con- 
tainer leaning and transport 
group. 

The company’s unpublished 
results are believed to show 
pre-tax profits up fay more than 
50 per cent to around £7m for 
the year to July 31, on turnover 
up some 26 per cent to around 
<32m. 

TIP has invested heavily in 
new equipment over the last 
year - particularly in sophisti- 
cated trailers which 
premium rental rates, such as 
refrigerated vans. 

Further investment is thought 
to be required, however, if the 
comp an y is to maintain its dom- 
inant position in both the UK 
and Continental trailer rental 
markets. 

TIP has around 5400 trailers 
in the UK and 4400 in the rest 
of Ehxrope. This compares with 
around 6,000 trailers operated 
by Rentco, the next largest com- 
pany. 

A gg re ssive expansion plans 
have recently been announced, 
however; by Tlphook, the fort- 
growing container, trailer and 
rail wagon rental company, 
which plans to spend £S0m to 
expand its fleet or 4400 trailers! 

Trailer rental has been a fort 
expanding market in the UK as 
a result of the abolition of 100 
percent firrt year capital allow- 
ances In the 1984 Budget, to- 
gether with changes in account- 
ing standards which have made 
contract hire more attractive 
than finance leases. 

As a result, around 10-12 per 
cent of the 200400 trailers In 
use in toe UK are rented. 

The issue is sponsored by 
KLeinwort Benson and brokers 
are Phillips ft Drew. 


BY NICK BUNKER 
Royal Insurance has become 
the first British insurance com- 
ae of only a handfel 
based outside the 
US to seek a fell listing for its 
shares on the New York Stock 
Exchange. 

The move was not a defensive 
manouevre aimed at spreading 
ownership of its shares to 
thwart passible takeovers, Roy- 
al said. The announcement yes- 
terday helped lift its shares 14p 
to close at 588p last night 
Mr Alan Hartford, group chief 
said the listing was 
help Royal achieve 
L wider shareholder 


.At present. Royal has 74,000 
shareholders, with about 2 per 
cent of its equity fay value held 
by US investors via British nom- 
inee accounts. 

Royal said it is. also starting a 
programme for its shares to be 
traded from early 1968 in the 
form of American Depo sitary 
Receipts. Prudential Corpora- 
tion, the UK-based life insurer, 
and Sedgwick Group, the big- 
gest British insurance broker, 
already have ADRs. 

The Royal’s announcement, 
however, alio highlighted dis- 
content felt by the group’s man- 
agement about what they tee u 


British investors anxfoos oyer 
insurance pricing trends 
US 

Royal officials felt last night 
that US investors would wel- 
come the opportunity to buy 
shares more easily in an insurer 
with a diversified book of busi- 
ness. While about 47 per cent of 
file group’s non-life premiums 
come from the US^a ibtther28 
per cent derives from the UK 
and the Royal also has otter in- 
surance, reinsurance and life 
assurance operations. 

By contrast, big US property/ 
casualty insurers, with the ex- 
ception of American Interna- 


Plumb rises 90% to over £lm 


BY FIONA THOMSON 
A NATION of shopkeepers, with 
some hoteliers thrown in for 
goodmeassre, would be the ide- 
al corpor a te mix for Mr Rick 
Grossman, managing director of 
Plumb HuMlnga, which yester- 
day announced a 90 per cent 
rise in half year profits. 

Launched on the USH in No- 
vember 1986, the company pro- 
vides a comprehensive interior 
contracting and furnishing ser- 
vice aimed at the retail, liotel 
and leisure and commercial of- 
fice sectors. For the 28 weeks to 
August l, 1967, pre-tax profits 
were £L01m compared with 
£529,000 for the same period 
last yean T ur n ov er increased 
by 98 per cent from £9L01m to 
£17.68m. 

There is a growing national 
stockpile of hotels, shops and 
offices, and all in time wUl need 


to be refiizblshed* said Mr 
Crewman. The market in all 
our three sectors is Very buoy- 
ant' 

Plumb earlier this year com- 
pleted the £8m refit of the De- 
benhams store in London’s Ox- 
ford Street Other recent 
contracts include refurbishing 
several floors of luxury suites in 
Rank's Royal Garden Hotel op- 
posite Hyde Park, fitting out a 
number of new Argos super- 
stores and the refitting of six 
Midland Bank branches. 

The group’s core companies - 
Plumb Contracts, the specialist 
interior contractors, ana Plumb 
Furniture, for offices - contrib- 
uted about 70 per cent of sales. 
The remainder came from com- 
panies all set np within the last 
two years. City Office Interiors, 
Shopfit Systems, Plumb Man- 
agement (the management fee 


contracting arm); Fibre- 
form Mouldings, which makes 
highly decorative plaster work. 

A new fectory to be completed 
in April next year, on an ac- 
quired three acre site beside 
the company’s Coventry RQ, 
will allow a doubling of capaci- 
ty on fomiture and at least a 
tr ebling on npa nMiup 

The Paris venture, set up a 
year ago, Is still flat 

Plumb traditionally been 
highly committed to growing or- 
ganically rather t hm a through 
acquisition, bnt is now looking 
for possible acquisitions more 
actively than in the past, ac- 
cording to Mr Crewman. 

The interim tax charge was 
£361400 against £210,000 last 
time. Earnings per share rose 
from 2.6p to &2p and the board 
has recommended an interim 
dividend of L25p (pH). 


ISA International to join SE 


BYRKHARDTOHKBtt 
ISA International, a distributor 
of disks, printer ribbons and 
other consumables to users of 
word processors and comput- 
ers, is joining the stock market 
through, a placing which will 
valne the company at £UL6m. 

NJL Rothschild, the mer- 
chant bank, has placed some 
6L7m shares - 34 per cent of IS- 
A’s enlarged equity - at 80p a 
share. Broker to the issue is 
Panmnre Gordon. 

, ISA is probably the leading 
specialist distributor of brand- 
ed consumables in Britain, but 
estimates that ft still has less 
than 5 per cent of this highly 
fragmented market It supplies 
both end users and dealers, and 


also has a division In West Ger- 
many which accounts for 35 per 
cent of group sales. 

The company was set up by Mr 
Andrew Heap In 1972 as a divi- 
sion of a computer services 
company owned by his brother. 
It won independence in Sep- 
tember 3985 through a manage- 
ment buy-out backed by three 
institutional investors. 

A shortage of working capital, 
caused partly by an attempt at 
expansion into the US market 
in 1982, limited profits growth 
over the period before the buy- 
out The pre-tax figure before 
exceptional items rose from 
£394400 in 1882 to £838400 in 
the year to last December, a 


compound growth rate of less 
than 13 per cent 

However, an acceleration in 
the company’s growth in the 
wake of tiie buy-out has led the 
directors to forecast a doubling 
of pre-tax profits to £L3m for 
the current year, patting the 
shares on a prospective price/ 
earnings ratio ofI7. 

Just under half of the shares 
being sold axe new shares com- 
ing from toe company, raising 
£2JSm net which will repay bor- 
rowings incurred in the buyout' 
The rest are being sold by exist- 
ing shareholders - mainly two of 
the institutional backers who 
are realising part of their in- 
vestment 


have feuded . to' coeeMCntte 
heavily on their hone terrttwy. 

Mr Roy EaddkII. * Edya? 
EDokesman, painted, out Out- 

Cum* In competing for fe* Aem- 
Japaseae insurance business of 
Hitachi, the clectrOniesnriUp, 

On Wall Street iMtalE&t bow- 
ever. Mr Herbert CfwrfffMftf a 
top-rated Insurance Ahȣfcrt 
with Prudential Bach* Steuri- ; 
ties, said there had bees 'ttO? 
pockets of specialised investor 
interest" in two Other forefgtT in- 
surers whose shares are traded 
Id New York - AegOfr tfjfca 
Netherlands, and theToUo Ma~ 


Bunzl pays 
£39min r 
further US 
expansion 

ByDavWWattsr -'--'l.’ 

Based, toe paper, psdawttg 
and distribution group, telHfr - 
versify fortius- fa toe US wife- 
the $84at (£39m) cask scqrtsL 
tio» of EESCO Inc^ » distribu- 
tor of electrical equipmat ; 
based in Chicago. 

The purchase will HR 
BunzTs annual sales in toe US 
to in excess of n-Uwaad •«> 
a third arm to fee company’s 
North American distribution 
activities. Its US divide* al- 
ready genera tea annual ads* 
of 8800m from paper dlstrfeo- . . 
tion and 8139m from fee dfetrf- 
butiononniildioj; product* ' 

EE5CO - which has forecast 
pre-tax profits of $8m an sates 
of 9200m in fee year to toe cad 
of - la the sixth Jar- 

gest electrical goods tfirtrfeu- 
tor In the US and the largest to 
fee Kid-West, wife * total tf 32 
branch outlets. It distributes * - 
range of electrical compo- 
nents, lighting and centra 
equipment and wire and cable. 

Mr Ben Andersen. Bumfs fi- 
nance director, arid yesterday . 
that Banal would be able to 
bring its distribution skills to 
bear on. a growing and much 
fragmented market. «i 
sales of |35hn to fee sector - 
divided between some MN 
distributors - are estimated to 
be growing at fee rate of £ per 

cent ayes*. 

EESGO would make a plat- 
form for Band’s own growth 
wifetn this sector, sad further 
acquisitions should be expec- 
ted. In Us last financial year,' 
abort a third tfBsnxTs hading 
profits came from the UK. In- 
terim profits of MUm re- 
vealed last month were 58 per 
cert ahead an £89ttm taxnorar. 



WOOLWORTH HOLDINGS PLC 
£250,000,000 

Multiple Option Facility 

arranged by 

NM Rothschild & Sons Limited 


Standby Banks 


Barclays Bank PLC Commerzba 

Lloyds Bank Pic 

National Westminster Bank PLC 

NM Rothschild & Sons Limited 


Commerzbank Aktiengesellschaft 

London Branch 


Midland Bank pic 
Credit Suisse 


Adtfitkmallbiiderl^nel Banks 


Amsten3am-Rotterdam Bank N.V. 

Banca Nazionale del Lavoro 

Luodott Breach 

Bankers Thist Company 
Banque ftiribas (London) 

Charterhouse Bank limited 

The Dai-Iehi Kangyo Bank, limited 

Dresdner Bank AG, London Branch 

Hambros Bank limited 

Lloyds Merchant Bank I imbed 

The Mitsubishi Trust and Banking rrepruatinn 

Morgan Gienfefl&Ca limited 
Soc&t6 Genfrale, London Brandi 
The Tdcai Bank, limited 
Union Bank of Switzerland 


Australia and New Zealand Banking Group 
Bank of America NT & SA 
Banque Beige limited 
Baring Brothers & Co., limited 
Credit Lyonnais, London Branch 
Deutsche Ba nk | A kt ie ngesellscfaaft 
The Fuji Bank, limited 
James Capel Bankers Limited 
The Mitsubishi Bank, limited 
Samuel Montagu fib Co. limited 
PK English Thist Company limited 
Swiss Bank Corporation 
TSB England & Wales pic 


Tfeoder Ftael & Facility Agent 

N M Rothschild & Sons limited 


October; 1987 











Mr# 


: ! 1 l . T r| 







52 

S3 

sSxzasxss 


33 



Sanderson 
shares fall on 
bid rejection 

Share* in Sandman Murray Ik 
Elder, the Bradford-based 
woolcomber, fen Up yester- 
day, to close at 258p, when it . 
revealed it had refected a Md 
approach from Sir James H3H 
and Sons, a private company. - 


cert of Sanderson, said it was 
p re p are d to offer 280p for each 
ordinary share provided fee 
Sanderson board recommend- 
ed the offer and principal 
shareholders gave irrevocable 
commitments to accept 
But S and er s o n’s board said It 
saw no commercial benefit to 
fee company from a me r g er - 
wife Hill and was not able to 
reco mmend such an offer. Di- 
rectors, who holds 584 per 
cent of fee company, were oh. 
willing to enter into fee pro- 
posed commitments. 


Empire Stores 

Gecos, fee Italian retailing 
group, announced yesterday that 
it had bought a Anther 1*8400 
shares in Empire Stores, the 
mafl order group, taking it stake 

jun to 7.82m dunes, 19.7 per cent 
.°f fee equity. Empire’s shares, 
.which have risen over fee pest 
ifew days on speculation tf a pos-- 
rthle stake build-up, etoufat 
284p, down Ip on the day. 


FINANCE DIRECTOR 


pretax profits by 75 
per cent from £229400 to 
£401400 on turnover up from 
mm to 9.49m in the first six 
months of 1987 An interim divi- 
dend of(L55n is declared. 


HUGHES FOOD fee acquisitive 
Hull-based foods company, is 
buying the Broch Ice Company, 
a Scottish fish processor. The 
deal will be satisfied by the is- 
sue to the vendors of 62418 new 
■Hughes ordinary shares. 

} Broch made a pretax loss of 
[£89,000 on £396400 turnover in 
tfee year to the end of last Au- 
igost Its net assets were £54,000. 
(Hughes intends to integrate 
Broch with Peterhead Ice Com- 
:Pany, acquired in August for 
i£2.75m. 

London International: Its Cob 
ourCare division had bought So- 
lis Color, a photo processing 
company in Spain, for about 
1 1950400 in cash. 


Property, 

London 


Neg £30,000 + Car 


My client is a property company in Central London with a 

substantial investment programme to undertake over the next 
three years. The Managing Director is looking for a Finance ' 
Manager to work with him in the management of this 
programme. 

The ideal person, apart from being a qualified accountant 
with some sound professional or commercial experience, will be 
capable of combining tight financial controls with an interest in 
developing successful business strategies. 

Previous experience in finance or property would be useful 
but not essential. Age range 28-40. It is expected that the person 

would become a director in due course and the salary DaclM» is* 

imtikely to be an obstacle. 


For an immediate discussion telephone in complete 

confidence Ian Wittet MA C A, on 01 353 1244, or write 

ASA International Ltd, 107-111 Fleet StrStLondoTEC^A 2AB. 


•i 




Financial Times Thursday October 8 1987 

UK COMPANY NEWS 


27 


Charles Baynes in £35m 
agreed bid for engineer 


BYRONA THOMPSON 

diaries Baynes, the Cardiff- 
based shell bought by the South 
African entrepreneur Mr Bruce 
Mclnnes in August as a vehicle 
for acquisitions, yesterday an- 
nounced its first bid, a £35m 
recommended takeover of the 
Derbyshire-based Technical 
Component Industries. 

TCI is a fast-growing engi- 
neering group involved in the 
manufacture, design and distri- 
bution of specialist fasteners, 
fixings, and components for the 
aerospace and racing car indus- 
tries. 

Baynes is offering OB of its 
shares for . every 14 Td shares 
held. On the basis of Baynes' 
share {nice last night of 133p, 
up 6p, the paper offer is worth 
617.jp for every TGI share. TCI 
closed at 570p last night, up B2 pl 

A cash alternative, worth 520p 
per Td share, will be offered to 
TCI shareholders in respect of 
up to three-quarters of their 
holdings. Existing investors in 
Baynes will be able to take up 
shares issued to meet the cash 
alternative. 


Td is a terrific start for our 
acquisition programme,” said 
Mr Mclnnes. "It has four solid 
businesses with excellent 
growth prospects which will 
provide a base for future expan- 
sion.' 

TCI reported pre-tax profits 
for 1986 of £858400 on sales of 
£34m. However, this only in- 
cluded a full year contribution 
from one of the four existing 
companies - Stainless Steel Fas- 
teners. Ancon Stainless Steel 
Steel Fixings was acquired in 
July 1986, and TBS Internation- 
al, which designs, manufactures 
and sells components for the 
aerospace industry, in Septem- 
ber 1986. 

The fourth company, Kent 
Aerospace Castings, which 
makes magnesium and alumini- 
um castings for the aerospace 
and racing car industries, was 
acquired at the same time as 
Td announced an 88 per cent 
rise in first-half 1987 pre-tax 
profits to £825,000. Sales 
jumped from £807,000 to £2L99m. 

The purchase of Td is very 


Accounting errors 
hit Samuelson 


BYPHAJPCOGCMH 

Samuelson Group, television 
and film services company, 
plunged into the red in the year 
to March 81 and was forced to 
mate substantial provisions 
against significant' accounting 
errors. Profits for the year to 
March 1986 also had to be re- 
stated, and reduced by around 
£lm, after the discovery of the 
accounting problems. 

An audit of the 1987 accounts 
showed that certain balances In 
the company accounts were ei- 
ther not adequately cleared or 
explained. Obsolescent film 
equipment also had to be writ- 
ten off As a result of the write- 
offs, the final figures revealed a 
pre-tax loss of £881400 rather 
than the £700400 to film profit 
thecompany had said it would 
be reporting. The restated 1988 
accounts show profits of £4.9m. 

It is understood that one of 
the joint auditors. Booth, An- 
derson, will be retiring at the 
annual meeting. Arthur Young, 
which was appointed as a joint 
auditor earlier this year, will 


become sole auditor. 

Sir John Mayhew-Sanders, 
who was appointed chief execu- 
tive in March, said that costs 
had got virtually ost of control 
last year - unallocated central 
overheads jumped from £241m 
to £5. 14m. The presentation di- 
vision increased revenues by a 
third but higher costs meant 
that profits fell by a quarter. 

All the divisions reported re- 
duced profits last year but Sir 
John said that nearly all busi- 
nesses were enjoying signifi- 
cantly higher revenues this year 
and that the group as a whole 
was trading profitably. Some 
substantial cost reductions bad 
already been achieved. 

The company is also review- 
ing its i nvestm ent in fixed as- 
sets and expects that a major 
rationalisation will reduce its 
borrowings. Gearing is current- 
ly around 180 per cent 

After tax of £478,000 (£2. 13m), 
the loss per share was &5p (12p 
earnings). The final dividend, to 
which there is a scrip alterna- 
tive, is being maintained at L6p. 


Geevor chairman sells 27% stake 


BY LUCY KELL/UKAY. . 

Mr Edward Nassar. the chair- 
man of the distressed Geevor 
Tin Mines, which had to shut its 
Cornwall mine last year in the 
wake of the tin crisis, ha a sold 
all his shares in the company. 

Mr Nassar and his family have 
sold their 26.7 per cent to Su- 
pernal Services. He could not 
be reached yesterday, and was 


said by a spokesman at Geevor 
to be in Switzerland- 

Two months ago Mr Nassar, 
who had fought against the clo- 
sure of the mine, said the com- 
pany had been hoping to deploy 
some of its mining experience 
overseas, but said recent nego- 
tiationshad not led to anything. 


Bala restored 

trading in Bula Resources 
{hares, which were suspended 
>n Tuesday pending an an- 
ioon cement, resumed y ester- 
lay. The company, which is in- 
volved in Irish oil exploration, 
(aid yesterday that the sua pen- 
sion was due to "te chni cal set- 
tlement and documentation 
problems” connected with the 
EB£&5m share placing ao- 
uounced last month. 

As a result, is said that the 
closing date for applications for 
the shares had been extened to 
29 October, and that sharehold- 
ers who bought shares until 
Tuesday would qualify for 
shares. Shareholders are being 
offered one new share for every 
10 held at IRp 74p. 


TI disposal 


TV Group has sold its welded' 
tube business, TI Tube Prod- 
ucts, for about £84m in a man- 
agement buy-out TI, which has 
been undergoing a major res- 
tructuring, will receive about 
£S3m in cash on completion, 
with the balance spread over 
nine months and an option to 
take up 24 per cent of the equi- 
ty if the business is subsequent- 
ly resold or floated. 

Unigate has bought Panda 
Van Hire (Exeter) which speci- 
alises in the short-term hire and 
contract hire of cars and light 
vans. 

Scottish Television: Nutraco 
Nominees have reduced their 
holding from 54B per cent to 
less than 5 per cent 


DIVIDENDS ANNOUNCED 


A Beckman 

Densitroa Inti _ 
Grampian HUgs 
mm and Hill — 
S Jerome 


-fin 


.int 

-int 

.int 

-int 


i'fxhmston Group — int 
John Maunders .— fin 

numb HMgsfi int 

Rainelnds ...fin 

Rato Estates — int 

Samuelson Gp fin 

Southend Stadium -int 

ThnrgarBardex — int 

TSW —fin 

Wool tons B’warri .int 

Dividends shown 


Current 

Date 

of 

Carres - 
ponding 

Total 

for 

Total 

last 

payment payment 

div 

year 

year 

a 78 

Jan5 

3.78 

5.73 

5.73 


_ 

- 

- 

LI 

L25 

Nov 6 

1- 

- 

3* 

3 

- 

2.75* 

- 

■74* 

2 

Nov 18 

L3 

- 

A3 

3f 

_ 

3 

- 

9 

S.lt 

Nov 27 

2.6 

5.7t 

5 

3-25 

- 

nil 

- 

L5 

1 

- 

0.61 

1.4 

043 

3 

_ 

3 

. 

7 

1-6 

Dec 9 

L6 

2.4 

2.4 


Jan 5 

- 

- 

0.15* 


- 

04 

. 

14 

L87 

_ 

1.41 

2.7 

2.05 

-1A 

Nov 27 

- 

- 

2.5 



Public Works Loan Board Rates 


Effective October 7 


i a* 


Yam 


r 1 Bp to 2 ~— 
r2nptn3 — 

r 3 up to 4 — 
r 4 up to 5 — 
r 5 up to 6 — 
r 6 np to 7 — 
r 7 up to 8 — ■ 
r 8 HP to 9 , — 
r 9 op to 10— 
r 10 up to 15 - 
r 15 HP to 25 - 




• 



• 

hr DPT 

At 

m Miff 

bj OPT 

** 


% 

% 

% 

% ■ 

% 

% 

_ 

_ 

MV 

— 

— 

uv 

10% 

MV 

10V 

uv 

uv 

-U 

MV 

MV 

MV 

11V 

liv 

uv 

10V 

MV 

10V 

11V 

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10V 

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18’ 

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10V 

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10% 

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lov 

11 

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10V 

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10V 

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MV 

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much in line with Mr Mclnnes'8 
stated intention when be 
bought into Baynes. His strategy 
is to buy quality, listed compa- 
nies of a good size - worth over 
£10m - in the industrial sector. 
He does not wish to get involved 
in hostile takeovers, so agreed 
bids are essential 

"We want quality businesses 
with good growth opportunities, 
and good management. We don't 
want to run the business, we 
want to concentrate os the fa- 
tare,” said Mr Mclnnes. Tlus ac- 
quisition of TCI will set the 
theme we wish to follow, that of 
mechanical products in the in- 
dustrial sector.” 

Baynes itself has a residual 
laundry business on the North 
Circular in London which will 
probably be sold soon, and a 
couple of small interests 
(stone-cleaning and hacksaw 
blade manufacture) which are 
‘quite interesting.* 

The offer is being recom- 
mended a nd a ccepted by the di- 
rectors of TCI who, with certain 
shareholders, control 3L6 per 
cent of the issued share capital 
of the company. 

Mr Hugh Sykes, chairman of 
TCI, will join the board of 
Baynes as non-executive deputy 

fhalrmnn 


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But how can you track thousands 
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R I : P O R 


HOME INTERIOR 
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For details of advertising rates please contact 
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on 01-489 0033 


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tents of Interest only. ' ■ 





ANNOUNCING THE ENTRANCE OF A NEW 

INVESTMENT HOUSE, 

(BUILT ON ESTABLISHED PREMISES.] 


The name is new. From October 1st, 
the investment management company of 
The Royal Bank of Scotland Group is 
called Capital House. 

But look behind die name, and you’ll 
see we’re maintaining and developing the 
principles which have made us one of the 
most successful and fastest-growing pen- 
sion fund management companies you’ll 
find in Britain today. 

\m retain the investment philosophy 
which underlies our performance record. 


(After all, why change a philosophy which 
has helped us beat the average over one year, 
three years and five years?) 

We’ll continue to set our sights on 
long-term performance goals, despite the 
pressure of the short-termists to adopt 
unacceptably high-risk strategies. 

And we’ll go on believing that a con- 
sistent management team leads both to 
better service and to better performance. 

In short, well stick to the principles 
which have led to the total funds under 


i 

our management growing to no less than 
£2.3 billion. 

If you’d like to find out more, please 
contact Nigel Watson at 6 New Bridge St., 
London EC4Y 6JH. Tel: 01-353 5050. 
\bull find that if you have the capital, 

we have the house. 

f* <• 

•v .*» 

* * * sVj - ' . 

♦*» 

r. 

r ■ ' • *. ' * • v 

tu ** 

■w— 

GSSES&SK -"•••■— - 

CAPITAL 

HOUSE 

A MEMBER OF THE WAl BANK OF SCOTLAND GROUP PLC 


' < rgC.~ 


i. 















UK COMPANY NEWS 


Financial Times Thursday October 8 1987 


Higgs and Hill jumps to 
£7.7m at halfway stage 


Higgs and HID. 
Property and 


nrima.** . construction, contributions from Southend Estates, whose acquisition has 
housebuilding Estates Group to June 30 1988. provided Higgs with an envi- 
5 ?oer .^ he overaeasconstruction di- SSeWOO of land, or six 
„ If?* JES* “ the first six vision continued to experience year’s supply at current comple- 
mMths oj »n toover diffieul^conditions but the re- ^rate^Further, mergerse- 
Dom £l07.23m to suits had been satufectorr. Tbs vamriiM h„ 


an envi- 


ad been 


f?^7-77m. to enjoy 

. V 16 erectors declared an In- tJK pro 
terim dividend of 3p <2.759 ad- succeasf 
justed) and after tax of £lllm its comii 




counting nmwos the conn 


toenjoy good trading while the land in its HuImi— sheet at 
UK property compa ny h ad a sometimes ancient valuations, 
successful half year,wrth prof- Construction dull but 


aftertax of £3.11nx Its coming from its joint venture the property side per- 

TOLS^njeannngspergiiarertffle developments. form well with contributions 


TSW lifts 
profit by 
31% to 
£2. 5m 


TSW - Television SmA West 
Holdings, the Independent 
Broadcasting Authority con- 
tractor for south-west England 
- boosted Its taxable profits by 
31 per cent from OJln to 
BJ&x in the year to July SL 
Tur no v er rose from Q244a to 


David Lascelles on Alastair Morton’s record at Guinness Peat 

A sweet and sour departure 


ONLY a eouple of months ago, 
T Mr Alastair Morton, the chair* 
man of Gitaien Peat 6teU 
was deriding the attempts of 
EquUtcery to take over his com- 
pm. Showing his customary 
xel^eonfidence. he claimed that 
(tbeNewZealaSa group had nei- 
ther the credibility nor the fl- 
t&andal muscle to mount a snc- 
■cessfolbid. 

Earlier this week. Hr Horton 
resigned from GPG, defeated 
'both bf Equltieorp and other 
‘members of (JPG's board who 
saw the inevttahitty. of takeover. 

Yesterday, Ur Grant Adams, 
tiie deputy chairman of Equiti- 
corp, took Ur Morton's place, 
and expressed his confidence 
in GPG’s senior management, 
an of whom are staying on. 

n was a humiliating i wh*!*"* 
for one of the City's best-known 
ami mare contr over s ial charac- 
ters, who is also co-chairman of 
Eurotunnel. Bat in another 
[sense the takeover was a flatter- 
ing recognition of the vast Im- 
provement he had brought 
about at Guinness Pest during 
his five yftars r unning ti— W n *n- 
dal services group. 

When he took the job at the 

K tfae Bank of Exi- 
st, Guinness Peat 
ed faction-ridden 
seped in losses 
onnodKy dealing 
mnoonced a pre- 
en that year, which 
equivalent to its 
The fact 
p included Guis- 

B m«riuint Taut, 


in<m_ —. 0 .wot — iwm wou wun nmnouaons 

. •comment coming through from Chiswell | The directors 

chairman, said Better than expected figures Street, St Mary Axe and Tower 
ew kj ^.ro^struction divi- and a consequent upgrading of Hill. Overall, £16m could be a 


-1__ . • T — • VUIMWiUCUfc UjJgiOUlUfi VI UUi. UfClOlij uum WUiU UC <1 lUMVflWM 

^crossed fall-year forecasts had Higgs conservative guess at the pre- compared ^ 
level of activity but that mar- and Hill’s shares bucking the tax figure, putting the shares on After tax 1 
renamed under pressure market trend to close 27p up at a prospective price/earnings ra- (£757,000) 
and showed no sign of consist- 430p yesterday. One of the main bo of 14 - probably high enough share jum 
ent improvement Comparative influences on profits growth is to see them pause for breath IJZp. 
figures inclu d ed three months the assimilation of Southend awhile. In the hi 

SI TSW Uf 

Maunders builds past £3m lil? 


John M aund e rs Group, house 
builder and estate developer, 
boosted pre-tax profits by 38 
per cent from m ia to £3.05 m 
on turnover ahead from £29.55m 
at £3L39m in the year to June 
30. 

The directors proposed a fi- 
nal dividend of 3.1p (2.6p) mak- 
ing a total for the year of 5.7p 
compared with 5p last time. Af- 
ter higher tax charges of £L13m 
(£880,000) earnings per 20p ordi- 
nary share jumped from 20-4p to 
28.44p. 

Hr John Maunders, chairman, 
said that the results folly justi- 
fied the decision to take maxi- 
mum advantage of the buoyant 
second-time buyer and luxury 
homes market This market now 
formed more than 70 per cent of 
the group’s total production. 

Since the year end demand 
had proved to be strong, with 
sales ahead of target Increased 
sales outlets allied to more at- 
tractive margins in the luxury 


market should ensure another 
record trading year for the 
group, Mr Maunders reported. 

The placing in March of 2.09m 
new shares, which raised £Sm, 
meant that the group was in an 
exceptionally strong financial 
position at the end of the year 
with a gearing of only 6 per cent 
of shareholders’ fluids with its 
current liabilities covered 
nearly three times by current 
assets. 

A significant number of major 
land acquisitions had restored 
Maunders’ land bank to 2% 
years supply and lifted its value 
from fiBm to £12m. It had, as pre- 
dicted, completed 609 legal 
completions against 756 In the 
previous year and the average 
house selling price had risen 
from £35,000 to £43,000. The 
Southern Division bad per- 
famed well, contributing signifi- 
cantly to profit and turnover. 

The company proposed a 


scrip issue on a two-fordone ba- 1 
sis. 

• comment 

Maunders has not shared in 
the South-East building bonan- 
za and its rating has frequently 
lagged behind the rest of the 
sector. However, It does have 
some Southern sites - in Dorset 
and Hampshire - and they 
bellied boost margins last year. 
Up north, the company has 
shifted up-market towards sec- 
ond time buyers and executive 
homes and away from starter 
sites - the result is fewer units 
built but higher average prices. 
The figures were better than ex- 
pected and the shares climbed 
9p to 339p; assuming an im- 
provement to £42m pretax this 
year, that makes the prospec- 
tive p/e just over 10. On the ba- 
sis that Maunders’ Northern bi- 
as must protect it against the 
worst effects of a housebuilding 
downturn, the rating does not 
look overdemanding 


nal dividend of L87P CL4Ip) to 
make a total for the year af27p 
compered with 2ASp last time. 
After tax charges of £9ZL066 
(£757,606) earnings per 5p 
share jumped from £s3p to 

•JjBtp. 

In the half year to January 

81 TSW lifted profits by CAS 
per cent, partly due to the fan 
impact f the redaction In the 
Exchequer Levy. 

Pronto before the levy to- 
talled £A27m <£$.70m) and the 
levy accounted for £772,090 
CE883A00). Attributable profits 
came toflJte(tl.Hu). 


Albert Fisher in £llm US deal 


BY CLAY HARRIS 

Albert Fisher Group, the food 
distributor and processor, yes- 
terday added another company 
to its Florida network and 
marched for the first time into 
Georgia. Fisher is to pay up to 
$17.5m (£10.8m) for the Movsov- 
itz group, a produce distributor 
based in Jacksonville. 

Movsovitz has additional dis- 
tribution centres in Orlando, 
Gainesville, and Savannah in 
Georgia. It also exports produce 
to Bermuda, Puerto Rico and 
the Virgin Tsinnrfg 


Three years after its first ac- 
quisition in Florida, Fisher is 
the largest fruit and vegetable 
distributor in the fast-growing 
state. It also is a leading suppli- 
er to cruise lines - an activity 
which is also a major part of its 
operation on the Pacific coast, 
in California and the Canadian 
province of British Columbia. 

Movsovitz extends Fisher’s 
coverage to north-east Florida 
and the Georgia and South Car- 
olina coasts. 


Fisher will pay an initial $6m 
In cash and 5500,000 in shares, 
with additional payments of up 
to 511m based on pre-tax profits 
in tiie three years to August 
1990. In the 48 weeks to August 
28, Movsovitz achieved pre-tax 
profits of 92.4m (after adjust- 
ments for non-recurring expen- 
diture) on sales of 587Am. 

Mr Lawrence Mov sovi ti, chief 
operating officer and third gen- 
eration to direct the 9Dyear-old 
company, has been given a 
three-year service contract 


This advertisement is issued in compliance with the Regulations of the Council of The Stock Exchanga 

Application has been made to t he Co uncil ofThe Stock Exchange for the whole of foe issued and aBotted 
ordinary shaie capital of ISA INTERNATIONAL pic to be admitted to the Official List Its expected that 
tiie ordinary shares will be admitted to the Official List on 15th October, 1987 and that dealings will 
commence on the same day. 



INTERNATIONAL PLC 


(ISA INTERNATIONAL 


under the 


Acts 1948 to 1981 withNd 1923205) 


Placing 

by 

N M Rothschild & Sons Limited 
of 

6,668,763 ordinary shares of Sp each at 80p per share 

ISA. INTERNATIONAL pic distributes consumables for information processing 
equipment including products such as magnetic tapes and disks, printer ribbons, 
print wheels, laser toner cartridges, telex and facsimile supplies. 


Authorised 

£1,355,000 


Share Capital following the Placing 
in ordinary shares of 5p each 


Issued and fully paid 
£973,109.40 


The ordinary shares of 5p each now being placed rank pari passu in all respects with the existing 
ordinary shares of the Company, including the zight to receive all dividends and other distributions 
declared, paid or made hereafter in respect thereof. 

In accordance with the Rules and Regulations of the Council of The Stock Exchange N M Rothschild 
& Sons Limned has instructed Panmure Gordon & Co. Limited and Smith New Conn Agency limited 
to place 5.00L572 and 1.667.191 ordinary shares respectively. 

Particulars relating to ISA INTERNATIONAL pic are available in tiie statistical service of Extel Statistical 
Services Limned. Copies of the Listing Particulars may be obtained during normal business hours 
(Saturdays and public holidays excepted) on 8th and 9th October, 1987, for collection only, from the 
Company Announcements Office, The Stock Exchange. Throgmorton Street, London EC2P SIX and up 
to and including 22nd October, 1987 from; 


ISA INTERNATIONAL pic, 
80/84 Thornton Road, 
Bradford BD1 2DG 


8th October, 1987 


Panmure Gordon & Ca 
Limited, 

9 Mooifields Higbwalk, 
London EC2Y 9DS 


N M Rothschild & Sons 
Lim ite d, 
New Court, 
St Swithin's Lane, 
London EC4P 4DU 


S Jerome profits 
rise 63% midway 

S Jerome and Sans (Holdings) 
and electronics suob- 
faduei; reported pre-tax prof- 
its op 62 per cent from £53MM. 
to S872JKM In the half year to> 
June 30 against a rise of 18 per 
cent to Cl 1,05m iitui— it. 

Turnover in the first half Im- 
proved from £10. 12m to 
g!125w; after lower Interest 
charges of £60,000 
<£128,000)and £305,000 

6O98AO0) tax, earnings per- 
share emerged at 9.75p(5£lp). • 
The interim dividend Is 2p 
(Up) The textiles' division - 
pushed operating profits apj 
from nrnr.ooo to cssuoa sad- 
electronics from £62,000 to. 
£108,000 The dimeters said 
textiles were working to maxi- 
mum plant capacity while 
CHB (electronics) was maUng- 
gsod progress. 

Johnston Group 
profits static 

Johnston Group, dvfl and me- 
chanical engineers, marginally 
increased pre-tax profits from 
£2A8m to £2£7m on turnover up 
from £32A4m to £38J2m in the 
six months to Jane 50 1S87. 

An unchanged interim divi- 
dend of 3p is declared. After tax 
of £934800 (£955,060) earnings 
per lOp share Increased to I5u42p 
OA84P). 

The directors said order books 
were showing an upward trend. 

‘ APPOINTMENTS 


made Ha precarious state dou- 
bly sensitive. In its darkest 
hour. In July BUS, Guinness 
Pears bank creditors threat' 
ewH to pull in flMm of loans, 
but were persuaded not to take 
a step that would have bank- 
rupted the company. 

Id tiie stormy year* teat fol- 
lowed, Hr Morton's drive to tom 
GPG round became fate of fee 
City’s longest-running sagas. 
Apart from being an arduous 
task, it pitted him against Lord - 
K1 mtin, the company's founder, 
and several of his powerful al- 
lies who deeply resented the 
changes he was trying to bring 
about The commodity business - 
was sold off, as j investment 
trust, Moorside, was bought in a 
deal with GPG paper that made, 
it effectively a rights issue, and 

gradually the profit and loss ac- 
count crept back into the black. 

The steady dilution of the Sa- 
rins’ holdings wnWimS with - 

Ur Horton’s evident success at 
bringing the company round re- 
duced the temperature of the 
hostilities, and GPG e moused 
into a new phase of prosperity 
and relative calm; When Mr 
Morton left this week, the 
group’s market capitalisation 
had risen nearly fourfold, and it 
was forecasting pre-tax profits 
of£30m for the year ending Sep- 
tember 30. 

But while tiie group’s fi- 
nances were much improved, 
Hr Morton did not escape criti- 
cism. Some people said he had 
failed to bringing greater coher- 
ence to Guinness Peat, which 


dlwtah- Horton, former chair- 
; asanof Guinness Peat ; 
tenuring an as sortm en t of busi- 
nesses held together by a loose 
thread hf financial services'. 
They included merchant bank- 
ing, insurance broking aircraft 

leasing; investment manage- 
ment, property, stockbroking 
and development capital. 

•- But Mr Morton reject* this 
charge. 'We never took an inte- 
grstianist approach,' be said 
yesterday. The essence of our 
strategy was to find niches and 
decentralise tiie management* 
Mr Morion regret* his failed bid 
in 1985 for Britannia Arrow, the 
unit trust gro u p which would 
have made Guinness Feat a ma- 
jor force in the UK fond man- 
agement m ar ket Instead, he 
turned to the US where he 
bought FortaanaLeft a. New. 
Yin fund management firm. 


This resulted in GPG earning 
more than half of its profits in 
dollars, w hich left it vulnerable 
to the present weakness In the 
US currency. 

His term was also marked by 

various partings of ways with 
bis senior colleagues, tike Mr 
Martin Landau, who ran the 
property subsidiary, and a 
group of executives from Gain- 
nett Mahon headed by Mr 
Bruce Ursell who preferred the 
prospec ts at British & Common- 
wealth. And Is the final days it 
-became clear thal Mr Morton s 
Colleagues on tee board disa- 
greed Wife his strategy of fierce 
opposition to the Eattiticoip 

. cast their lot with Bqntticorp, 
forcing Mr Menton into on iso- 
lated portion where his only 
choice was to resign. 

The Equltieorp bid might 
bare foundered u Ur Morton’s 
loyalties were not by then divid- 
ed between GPG and Eurotun- 
nel, where he was spending 
more than half his time. But he 
confesses: "Eurotunnel was a 
challenge 1 could not resist*. 

As he now tarns to devote his 
undivided energies to the 
cross-Channel project, Mr Hor- 
ton describes himself as 'cheer- 
ful and bullish*. His spell at 
GPG showed him. a master of 
salvaging a business from near 
disaster. With Eurotunnel ap- 
proaching its major £750m equi- 
ty issue in much better shape 

than it was a few months ago, Mr 
Morton may be about to repeat 
the trick. 


Grampian Hldgs up 44% Float boosts Wooltons 


1 BOOSTED by an exceptionally 
good first six months by its 
sporting goods division, Grau- 
I plan Holdings’ pre-tax profits 
advanced 44 per cent from 
gi-ixm to a record nstm in the 
half-year to June 30. 

Mr Bill Hughes, rfi«>Tnmi l 
said all companies in the sport- 
ing goods division achieved re- 
cord results. Turnover of this 
division rose from £8L58m to 
£&21m while pre-tax profits 


retail business remains 
fUtLosses on tw« side in- 
creased from £275fl00 to 
£388,000. 

Total turnover amounted to 
£2&48m (£23B3m); tax took 
£441jOOO (£225^)00) leaving earn- 
ings per 25p share of 3£4p 
(2.7Pp. 

The interim dividend goes up 
fromlptoL25p. 

A Beckman revives 


The performance of pharma- 
ceuticals was also encouraging . 
Running at record levels this di- 
vision was farther enhanced by 
tiie acquisition on March 31 of 
BK Veterinary Products. Turn- 
over in this division was 
£390,000 up at « and prof- 
its increased by £134,000 to 
£334£00.The recent acquisition 
of Bobert Young will enable sig- 
nificant adv ance s to be made in 
this division. 

Elsewhere, transport activity 
has been high during the nor- 
mally quiet holiday period but 


A B e ckman increased pre-tax 1 
p r ofits by 15 per cent from 
£L44m to £L06m on turnover up 
from £l&87m to £H8Bm far tiie 
year to June 30 1967. 

This i nver s e s last year’s re- 
sults for the tnrtilnn and prop- 
erty Investment group, when 
profits decreased by 5 per cent 
and turnover was also down. 

The directors recommended a 
final unchanged dividend of 
3.7Bp making 5.73p 0.73p) for 
tiie year. After tax of £592,000 
(£518,000) Mnihp per lOp 
share increased to lOSpCBllpX i 


PRE-TAX pr ofi ts i at 
Waettens Bettarwafe, the USM- 
quoted curtain retailer arid di- 
rect homeware mai-faitlng com- 
pany. rose from £184,000 to 
£45^000 «m turnover up 13 per 
cent from £9. 7m to £Um for the 
28 weeks to September 121987. * 

The directors said yesterday 
that tee interim results reflect 
the benefit of fending received 
from the flotation in October 
1066 and are therefore not di- 
rectly comparable with the cor- 
responding period last year. 

An Interim Hh rirfim/I of £L4p 
was declared. Last year’s single 
dividend Was 2Jfr The sham . . 
holders of fee eompoahy Imme- 
diately prior to the offer to sale, 
have waived their entitlement 
to SO per cent Of the dividend. 
Earnings per share rose from 
L41p to 2J06p after iflttffoofnd 
taxatLmOf£ld(M)00(£87j0Q0). 

Mr Andrew Cohen, managing 
director, said trading results in 
the second half had begun en- 
couragingly and the board 


looked forward to making far- 
ther progress In the months 


ThnrgarBardex 

Thurgar Bardex, manufacturers 
of plastic products, virtually 
stood still m the 28 weeks to 
June 90 with pre-tax profits 
£2£00 down at £702,000. 

The results for the first half 
said the directors, have been 
adversely affected, by start-up 
costs of new production equip- 
ment but the benefits are begin- 
ning to show and the directors 
are confident of a satisfactory 
second hal£ 

Turnover in the period was up 
from £&37m to £10.72m and the 


(£8791)00). Interest payable was 
£217,000 (£175,000) and tax 
cha&ed was £261,000 (£232,000) 
leasing earnings per share at 
2,lSp (251pi 

The interim dividend is in- 
creased from 0.6p to 0.75p, 


Chairman of Mobil Oh UK 


In November Mr J. Boger 
O’Neill will become chairman 
and chief executive of MOBIL 
OIL COMPANY, the UK refining 
and marketing affiliate of Mobil 
Oil corporation. He will suc- 
ceed Mr Jeha C. Leweln, who 
will be retiring from Mobil ear- 
ly next year. Mr O’Neill, who 
joined Mobil In New York in 
1961, is president and general 
manager of Mobil Oil Italiana. 

« 

Mr JJD. Sutton, who has been fi- 
nancial director and secretary 
of PROTOCOL ENGINEERING 
since 1971, becomes deputy 
chairman and secretary. He re- 


mains HM t n cuu uuwwr huu 
secretary of the other Protocol 
companies. Hr EJ>. Noble, chief 
accountant, is appointed finan- 
cial director. 

Hr David Gilman has been ap- 
pointed director, finance , on 
the board of FORWARD TRUST 
GROUP. He was chief financial 
officer. * 

lb Graham White has been ap- 


AMERXCA. He was platform 
niHwng ar in the branch. He suc- 
ceeds MrGerdoaBransten, who 
has moved to BA Asia, Hang 
Kong. 

BRITISH RAILWAYS BOARD 
has appointed Hr Bey W itters 
as chairman of Transmark, BR’s 
International consultancy sub- 
sidiary. He succeeds Hr James 
Evans who has become manag- 
ing director of Fraigh timers, 
BR’s freight subsidiary. 


Hr An Fur! 


ntong, c 
Brothers 


chairman of 


ble, Bedfordshire. He succeeds 
Hr Tony Paris who has re ti red. 
Mr Bell was internati onal sales 
manager for Delco Remy divi- 
sion of General Motors in An- 
derson. Indiana. 

* 

Mr Michael G. Cocks has been 
appointed vice president of In- 
ternational operations of MORJ- 
NO ASSOCIATES INCL, based in 
London. He was vice president 
and general manager of UCCEL 
Corporation’s inieniatioiial 
software division. • 

* 

GROUP, engineer- 


YlONAL. He remains 
director of its UK and European 
arm United Transport Ca, and 
as elmirtnaii of its container 
group United transport Can- 


chief finance officer and group 
company secretary. He also be- 
comes a director of the group's 
subsidiaries, including Univer- 
sity Medical and General. He 
was a director of Tyndall Hold- 
ings. 


(Chingford), which were r ecent- 
ly acquired by THE BES- 
TWOOD company, has been ap- 
pointed to its mate board. 

* 

Mr DJ. Healey has been ap- 
pointed business development 
director of the AFPLEYARD 
GROUP. Mr &A. WQUams be- 
comes Yorkshire regional di- 
rector. Hr D.W. Bafebeler Is 


appointed Hr Jack Walker as 
managing director of The Ught- 
fbot Refrigeration Ca 
# 

Mr Jeff Yeung has been ap- 
pointed financial director of 
INTERNATIONAL PARTNER-' 
SHIP. He was group finance di-' 
rector of IT Matters computer 
typesetting group 



AHMTTAGE SHANKS has ap- ^ * 

pointed Mr Andrew Turner as 

group ntarkritegdireetor.fraiis- Hr David Cunliffe, executive 
fairing from Blue Circle Indus- chairman of the carpet division 
tries, Armitage Shanks parent of JOHN GROWTHER GROUP, 
.company. Hr Charles Beote be- has resigned to pursue otter 
comes corporate development business interests. Hr KesiMuL 
director after a year's second- lies, divisional chief executive, 
men! to tike bead office of Blue assumes responsibility for the 
Circle Industries. Mr Michael carpet division. Mr Item Bark- 

Craum has been **“ — " * 


operations director. executive, will become ehair- 

_ * man of the division, and Mr Hi- 

BURNS-ANDERSON has ap- chael D. Abrahams, deputy 
pointed Hr Julian Famster as chairman. 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 

Chesham are the leading merger 
brokers in Britain and have confidential 
briefs from several hundred public 
company chairmen, who are looking to 
buy successf ul, private companies worth 
£500,000 to£25m. 

If you’re thinking of selling your 
business, contact our Managing Director 
to arrange a confidential discussion. 


CHESHAM 

AMALGAMATIONS 

The first naxne in merger broking. 


Amflty Home, 9 North AmDey Street. Loudon, W1Y 1WF. 
T efc p fagnfc 01-429 9H7- 



RUSTLE UP A SEAT 30 DOTS 
BEFORE YOU GO WMST. 

FIRST AND (UPPER-CLASS PASSENGERS: PRE-SELECT YOUR SEAT WITH PAN AMS ADVANCE BOARDING PASS. 







This modem car Is produced by means of 
the most advanced technological manufactu- 
ring systems available: these advanced man- 
ufacturing systems are frequently Mandelli 
products. 

Rolls Royce, Ferrari, Volvo, Caterpillar 
and other leading manufacturing industries 
throughout the world have chosen Mandelli 
Production Systems for the fully automated 
manufacture of their main components in auto- 
mobiles, tractors, oir q afts and machines. 

With Mandelli Systems the unmanned fac- 
tory has taken another step towards total au- 
tomation arrd man has^made a giant step to- 
wards new horizons. 

Mandelli S.pA - 29100 Piacenza - IftalyJ. 






Simple pointers 00 
to health of 
the data centre 


•' ^ ^Rnam^TimesTIiBrsday^ October 81987 


COMPASS: 

Data processing efficiency 


COMPANY ‘A* 



diagrams on 
*he right represent to data cen- 
^““Mgement what tempera- 
tare charts, blood preaSre 
measurements and haemoglo- 
bncounte are to medical pSc- 
titioners - an indication of how 





ZT.u t£* or aer health compares 

wiUi the rest of the human race. 
™P ey J lre J he work of an inno- 

SSTw Wed S h Mm P “y called 

Jonsult which has been 
osing them to track the health of 
oata centres in major Scandina- 
vian companies since 1880. 

Among its clients are Asea. 
Electrolux, Norsk Hydro, sS 
toll Svenska Handelsbanken 
and Volvo. 

Blite' methods seem to give 
2“?!!® diagnoses. Karl-Hen- 
dnk Hubinett, who manages 
Volvo Data, was recently quot- 
C" “ying: "Since we started 
with Blitz Konsult analyses in 
IS80, we have more than tripled 
data centre productivity while 
increasing operations person- 
nel by only 10 per cent And 
during the same period we have 
substantially improved the 
quality of our data." 

Now Blitz Konsult has estab- 
lished an office in west London 
and is seeking to bring the ben- 
efits of its methods to UK com- 
panies. 

The company was founded by 
Thomas Blitz, a Swedish consul- 
tant, and the technique, which 
the company calls ■Compass’, 
grew out of a study of data pro- 
cessing efficiency carried out 
for Volvo towards the end of the 
1970a 

Essentially. Compass Involves 
the de ta iled analysis and mea- 
surement of some 20 different 


data processing functions in- 
cluding communications, pro- 
cessing, data storage, output 
processing and support 
It requires three basic kinds 
of data from its customers: ca- 
pacity and load statistics ex- 


mwTrmmm ww OIJ0- 

tern statistics file, personnel 
data and cost information such 
as capital investments and run- 
ning costs. 

Tracking down and collating 
all the information can t*ta> up 
to three man weeks for a given 
company. 

Blitz says It assesses the cost 
effectiveness of each of the 
functions- it measures by relat- 
ing throughput and quality to 
the costs incurred in each func- 
tion and in total. 

At present Compass is aimed 
chiefly at IBM data centres be- 
cause the software it nses to 
measure the hardware perfor- 
mance is designed for machines ' 
of System/370 architecture. 

Theo Sahlsberg. UK manager 
for Blitz says, however, that the 
company can analyse data cen- 
tres using any make of main- 
frame. 

The Compass .analysis is 
somewhat different from the 
kinds of performance measure- 
ment offered by US companies 
like Candle and SAS which can 
tell with great precision wheth- 
er a piece of hardware is per- 
forming as well as it might 

The essence of the Compass 
approach is to give data centre 
management not only an idea of ! 
what value for money it is get- < 
ting out of its systems, but a ! 
comparison with other, similar t 
organisations. I 

The result is the Compass dia- ( 


On-line 

availability 


[Mean 

Ins \ 


Overall 

efficiency 


Timeliness 
of batch | 
processing 


. Average value j 
. reference group 


Purchasing 
efficiency 
k Cost/mips 


Output 

efficiency 



r Mainframe f. 

1 utilization h 


Jisfc storage 
utilization , 


Personnel 

Int en sit y 

PeraonneMiardwars ratio 



Output 

efficiency 


Personnel - 

Intensity 

Pureotmel/hardware ratio 




'gram. Each of a number of im- 
portant parameters such as cen- 
tral processing unit utilisation 
or on-line availability is repre- 
sented by a compass point. 

So in the diagrams, the over- 
all efficiency of each of the two 
companies illustrated is record- 
ed in the North position. Com- 
pany A is clearly more efficient 
that company B judging by the 
length of the compass point - 
but how do they both compare 
with other companies of the 
same kind? And how much im- 
provement are they capable of? 

Hie inner circle represents 
the average value for a refer- 
ence group of companies 
Blitz Konsult has built up over, 
the years; the outer circle is a 
theoretical marimum value 
(Central processor utilisation. 


for example, can never be great- 
er than 100 per cenQi 

So now it is possible to see 
that In overall efficiency, com- 
pany A is somewhat better th an 
its peers but something short of 
maximum. . 

. Company B on the ether hand 

is a poor performer by any stan- 
dards. Sahlsberg says it is com- 
mon to find performance differ- 
ences of up to 300 per cent 
between otherwise very similar 
companies. 

The remaining points of the 
compass give management an 
idea of the relative strengths 
and weaknesses of the individu- 
al parts of the data processing 
operation, the idea being that 
the most effective way to im-> 


prove efficiency is to concen- 
trate on areas that are below 
par. 

Blitz Konsult's Initiative in 
the UK comes at a time when 
there is intense interest in data 
processing performane e. Senior 
management has been forced to 
realise that data processing is 
not only an increasingly expen- 
sive function within the organi- 
sation but that its competitive 
position may be dependent on 
the efficiency of its computin g 
systems. 

Hie problem is that measur- 
ing the efficiency of a data cen- 
tre is a complex business which 
explains why competing compa- 
nies are often prepared to aban- 
don their differences In com- 
mon projects aimed at 


underst andin g data n roie w BriTtg 
productivity. , 

- A Compass custom analysis 
costs a company £U&00a If the 
company is prepared to join 
with other companies to pre- 
pare a common pool of data the 
cost foils to £9,000 and Sahls- 
berg says most of Blitz* 50-odd 
customers have taken this' ap- 
proach. 1 

Ered- Hayes of -the Butler Cox 
organisation, which ha*; been 
heavily involved in improving 
data centre productivity, warns 
that nobody yet -knows how to 
ensure that the systems most 
appropriate to a- company are 
designed and built; ‘Ton can 
nave the most efficient system, 
u tim world and it -will fust de- 
stroy the company that bit fas- 
ter,’ he says. • T 


were often but pf.Btocfror in 
poof availabflltjrbecauseofbr- V 
dering ahd delivery problems; - 

•There wka a high physical 
-and financial cost Involved in 
handling goods - o pening pack-'' 
ages and attaching* prices; for 
example. . • 

•There- was only weal: ma n- •' 
agement control overthe over- ■" 
all process. • '•••-■ . - 

•.The new computatoased 
tern -a suite, of programa known 
Colloquially as POM, SOM and 
WOM .- is already-' raying; the - 
group up; to f&foa year atrthd 
store Level, according to joiuK. - 
than - Weeks, the supply chain 
director. . 

Whfct Woolworths is doing is 


hardware and software would 
be needed, while the eventual 
pay-offcouldonly be estimated, 
not calculated with certainty. 

The actual system used is pro- 
prietary, the World Wide Chain 
Stores System. Total costs over 

The aim Is to 
keep management 
control of 
: inventory tiirough 
. centralisation 

two years have been about £10m 


How men of letters can gain inspiration from MindRcader 


IF THE old adage that every person one 
book inside them is true, then Sandy Sch upper's 
new software could be just the thing to heln 
them write it 4 

^ Sch upper, managing director of Brown Bag 
Software of Campbell. California, is the man 


at ..£ ver 3! person has one writer uses the program, the software “leanm- 

dtartor .of Brown BM 

California, is the man half a dozen or so numbered nnh'nno Tha nnrl 


He sees its chief value for 'executives who 
wnte many similar sorts of letters but he 
believes it has great potential for the disabled. 
Children, he says, show greater creativity in 
their writing using MlndReader, freed from the 


i -fiif * i 





- Tomorrow Sdmpper he will announce thatthe 
US company MicroPro will is 

OCeSSof , uuicu rwoir 

its best seUlng-Wonlstar 


jflPr< t iTK < 7T7 





118111 






WpwpilMSp 

ig &IgSgs iii 








SE£ra£Hra& 







This Notioe does not constitute at offer of aamrMH^ hut does 

require action to be taken on the part of the holders 

ot the Notes and Vtarrants referred to below, 

Notice to Hie holders 
of the outstanding 

6% Equity Notes Due 2002 

of 

Yves Saint Laurent International S.A. 

and to the holders of the Warrants of 

Yves Saint Laurent International S.A. 

to subscribe Ordinary Shares of 

Yves Saint Laurent S.A. 

s!bS^s!?(^ r S f f , in iShed ff'LSep'emter. 1987 relating to proposals by Wes 

hoki!srfrfthP^lk Notes 000 2003 “New Nates’) to the 

■ 575,000,000 6 /o Equity Notes Due 2002 (the "Existina Notes”) of Wes «5aint 
L^Nntematona. SA (“YSL IntematiSnan. and to propS 

Meetings of the holders of the above Warrants will be held at 11.30 a m 
-*"■* a-m " ? nd ^meeting of the holders of the Existing Notes will be 

issitiswaiosssj^ssn * * "»*«« 

~ -- y ^. h ° l ^° Ur Existing Notes and WaiTan ^ with an account at a bant or at Eumtto. 

ggH^Ks^saKsssyassaai 

w^r^rt^errtsw^are!" ChhaSbeen,nail0tlt0yDUand,eturnthemtothepayin9 an<J 


MANDARIN ORIENTAL 
. THE HOTEL GROUf 


The legend of Mandarin Oriental 
was created by two of 
the finest hotels in the world. 
The Oriental Bangkok and 
Mandarin Oriental Hong Kong. 

This legend grew from a 
reputation for excellence in servioe- 
and a dedication to providing foe 
most elegant accommodation. 
Now, foe essence of 


Bankers Dust Company 
Dashwood House 
69 Old Broad Street 
London EC22EE 

Voting instruction forms are also 


Banque Internationale 
& Luxembourg SJL 
2 Boulevard Royal 
2953 Luxembourg 


Credit Suisse 
FaradeplatzS 

CH 8021 Zurich 




Yves Saint Laurent International S. A. 
Yves Saint Laurent S.A. 


Dated 8th October 1987 


thaMegend has been captured 
. by Mandarin Oriental HokIs 
in a ftw other select kxzirions 
including Singapore and 
Sari Ftancbcbi Soil’s hardly 
suipdsiog-dMt’ofoer' 
holds have tried Recapitalise on 
our good name. Needless cd say, 
though, they haven’t been able 
fo imitate the legend 


MANDARIN ORIENTAL 


THE WORLD’S FINEST HOTELS 







31 



ATA Univas 



V 










OIL. Wherever it is, we’II find it. Oil 
is the primary source of energy. It is the 
power that moves the world and will be 
so for many years to come. 

But, it is necessary to be prepared to 
wrestle this treasure from the earth’s 
most secret strongholds, using the latest 
continuously evolving technology, and to 
venture into hostile, inaccessible places. 

Agip, Italy’s national oil company, 
took up this challenge sixty years ago, 
probing into the origins of the earth, 
experimenting with new techniques, and 
devoting to these activities human and 
economic resources that are always up to 
the difficulties to be overcome. 

Wherever the possibilities of finding 
oil exist, Agip is present with its spirit of 
initiative and decades of experience. The 
results achieved, alone or in cooperation 
with leading oil companies, in 30 
countries, on 5 continents, make Agip a 
reliable operator in any oil activity. 

Even where no-one has ever reached. 


Wherever it is, we’ll find it. 



32 




•V” * ■ 


Financial Times Thursday October 5 1987 


COMMODITIES AND AGRICULTURE 


Batteries power ca dmium price surge 


BY RICHARD MOONEY 


A WAVE or baying over the 
last few days has lifted the 
cadmium price to the highest 
level for nearly eight years. 
The price reached $2.75 a S> 
yesterifay, op 10 cents on the 
day and 55 cents from late last 
week. At the beginning of the 
year it stood at just 87 cents 
a flb. 

The signal for the latest 
price surge came last week 
when the World Bureau of 
Metal Statistics published 
figures showing that Western 
world consumption of the 
metal was nuulng 7.7 per 
cent above the 1986 level 
while output was down by 
about 3 per cent. As a result 
world stocks had fallen from 


2,976 tonnes In March to 
2£93 tomes In June, the 
Bureau said. 

The figures served to con- 
firm the buflish feeling which 
had been growing in the mar- 
ket and sparked off what one 
merchant described as “fren- 
zied" buying over the week- 
end. He said merchant and 
consumer buying had been 
swollen by d em a nd from pro- 
ducers who had been “caught 
short.” 

The chief factor behind the 
latest price rise has been in- 
creased demand by producers 

of nickel-cadmium batteries 

in Japan, where consumption 
drat up to 279 tonnes in May 
tills year compared with 198 
tonnes in April and a 1986 
monthly average of 173 


tonnes. Having been a tradi- 
tional exporter of cadmium 
Japan has recently become a 
set importer. 

Accelerating Interest in 
nickel-cadmium battery tech- 
nology has been the driving 
force behind the upturn In 
the cadmium market. Al- 
though the technology has 
bees available for 10 years 
or more widespread commer- 
cial development has only re- 
cently begun to take off. 

Last year the battery in. 
dnstry accounted for about 32 
per cent of cadmium con- 
sumption, having overtaken 

the more traditional applica- 
tions. such as In p i g m en t s, 
alloys, plating and stabilisers. 

While traditional cadmium- 
consuming industries remain 


in a gently rising trend the 
battery sector continued to 
grow apace and most traders 
expect to see further signifi 
east price gains. As advance 
to around $3 a lb 44 would sot 
be surprising," according to 
Mr Nick French, director of 
Wogan Resources, the Lon- 
don-based minor metal dealer. 

Hie minor metals markets 
are notoriously volatile. For 
tiie buyer they usually repre- 
sent a very small proportion 
of final product costs, while 
for the producer they are 
generally by-products of the 
company’s principal activity 
(zinc production in cad 
mioxo’s case)— -so the develop- 
ment of new uses or new com* 
petiters can have dramatic 
effects on prices. 


NY cotton 
exchange to 
quit propane 

By Lucy KeTbway 

THE DOMINANT position of 
the New York Mercantile Ex- 
change in the market for energy 
futures was strengthened yes- 
terday by the announcement 
from its neighbour, the New 
York Cotton Exchange, that It 
was to stop trading in liquified 
propane gas. 

The contract may be no great 
loss to the Cotton Exchange — 
which specialises in trading 
orange juice as well as cotton 
— as volumes were low and 
open interest running at barely 
100 contracts. 

Since August Nymex has 
started trading its own propane 
contract, to complement its 
existing successful contracts in 
crude oil. gasoline and heating 
oiL 

However the Nymex propane 
contract appears to have got off 
to a disappointingly slow start, 
with trading running at slightly 
under 70 lots a day, and open 
interest at about 1,300 lots. 
Nymex said yesterday that the 
contract was new. and was not 
likely to appeal to such a wide 
spread of users as its older 
energy contracts. 

Outstanding propane con- 
tracts on the Cotton Exchange 
will not be transferred onto 
Nymex. The exchange said that 
trading would continue until 
the open interest bad been un- 
wound. 


Sugar growers to 
meet in Havana 

LATIN AMERICA and Carib- 
bean sugar growers will meet 
in Havana from October 12 to 
15 to review the current world 
market situation and all aspects 
of the Internat ion al Sugar 
Agreement, Router. reports from 
Havana. 

The meeting of the 22-nation 
Latin American mid Caribbean 
group of sugar exporters 
(Geplacea) coincides with the 
25th anniversary of Cubazucar, 
Cuba’s state-run sugar company. 
It will allow for a wide ex- 
change of views, said Ur 
Alberto Betancourt, a vice 
minister for foreign trade. 


Coffee organisation set to 
impose first quota reduction 


Indonesia, the world's third 
biggest coffee producer. Is 
disappointed with Its export 
quota allocation set by the 
International Coffee Organi- 
sation, Reuter reports from 
Jakarta. 

Hie country will press far 
an increase in the future, said 
Mr Hasrul Harafaap, 


Indonesia’s Junior minister 
for tree crops, yesterday after 
a cabinet meeting to discuss 
(he allocation, which raises 
Indonesia’s quota share to 
4.75 per cent for 1987-88 from 
Its previous share of 431 per 
cent. 

Indonesia proposed an allo- 
cation of 5-41 per cent during 
the ICO talks in London. 


BY DAVID BLACKWELL 

THE FIRST CUT in the world 
total coffee export quota is set 
to take place today under the 
new rales agreed by the Inter- 
national Coffee Organisation. 

The rules, which were finally 
approved In the early hours of 
Monday morning, are designed 
to push coffee prices up in the 
Short term to between 120 cents 
a lb and 140 cents a lb— the 
range the ICO is trying to 
defend. 

In the current quarter, end- 
ing December, the total export November 1 if the indicator is bags — a level which some 
” a f s v° “8 s below 110 cents a lb, with a analysts argue should have been 
each) will be reduced auto- further cut of lm bags a fort- set from the start The 58m 
matically on three separate njgfct later If the indicator is bag level agreed at the talks 
occasions if prices do not con- heiow 113 cents a lb. was unchanged from the level 

tlnue on a rising trend. Imm ediately after the ICO in February 1988, when quotas 

v.™ A 8 ? “ talks concluded in London, after were suspended as market 

bagB today if the ICO 154ay ^ wee ks of tough negotiation Prices rose, 
average indicator price for yes- worid ^gee, prices rose sharply. On a long-term basis the con- 
terday has not reached 107 bnt yesterday they were in re- sumption of coffee is falling. 

a lb. Yesterday's Price treat in both London and New particularly in the US, which is 
will hot be known until today, York. On the London Futures still the biggest consumer 

and Options Exchange (Fox) country, while production con* 
three-month robusta fell £27 to tinues to rise. “Given the 
close at £1,395.50 a tonne. current situation, 58m bags was 

If the full cuts are made in an unrealistic target," said Mr 
the next three months, the total Nell Rosser of Land ell MiHs 


but Tuesday's indicator price 
was standing at only 105.12 
cents a lb — a rise of just under 
1 cent a lb since the weekend. 

Another cut of 13m bags in 


the total quota will follow on export quote will fall to 54m Commodities Studies yesterday. 

Andriessen’s man moves on 

BY TIM DICKSON IN BRUSSELS 

MS CARLO TROJAN, a central on agriculture for the forth- the fact that he is a Dutchman, 
figure for the past 10 years in coming GATT talks, a relaxed bom in Italy of an Italian 
the complex world of EC farm looking “Carlo’* was never far mother and now married to a 
politics, was yesterday formally from his side whispering occa- Danish wife. In addition, 
appointed deputy secretary- sional words of advice. His most En glish, French and German 
general of the European Com- important role, however, has pose no difficulties. 
missi on. been behind the scenes cajoling His negotiating tactics are 


Observers pointed out last the agricultural experts of .the renowned, including a pro- 

night that he win make' “a other Commissioners to accept penalty to lose his temper to 
formidable partner ” for Mr his ideas, sitting in on full considerable dramatic effect 
David Williamson, formerly Commission meetings in his A lawyer by tr aining, be came 
Mrs Thatcher's top adviser on master's absence, and even to the Commission in 1973 as a 
EC affairs and now head of taking the floor at crucial stages member of the cabinet of 
the Brussels bureaucracy. But of sessions of the Council of another Dutch Agriculture Com- 
they also reflected on the major Farm Ministers. mission er Mr Pierre Lardinois. 

contribution which he has made “ He’s the ultimate wheeler- He returned to the Dutch civil 
in .the last six and a half years dealer,” one colleague observed service between 1977 and 1979 
as head of the Cabinet of Mr in admiration yesterday. “He’s when he returned to Brussels 
Frans Andriessen, the Euro- been a very, very powerful as a Deputy Director General 
pean Community's Agriculture man.” said another. on Agriculture and Food. 

Commissioner. One undoubted advantage in His place is to be taken by Mr 

Even yesterday at a press the polyglot corridors of the Hans Wynmaalen, who is cur- 
conference in Brussels as Ur Berlaymont is his remarkable rently agricultural attache in 
Andriessen sought to explain facility for languages— a gift Paris for the Dutch Foreign 
Europe’s negotiating position which no doubt springs from Ministry. 


UK faces dilemma over sheep 

“ OUTRAGEOUS, violently dis- scheme, while the rest of the which is paid some 12 months ments the EC imports sheep- 
ciminatory ’ and “ totally un- Community follows the tnradi- after it is claimed. (Britain meat from New Zealand and a 

acceptable ” are just three of ttooel EC pattern of high also gets the ewe premium, but few other suppliers at half the 

the epithets with which British internal prices, tariff protection at a lower rate to take account normal rate of duty (10 per cent 
farming organisations have and the possibility of selling of the variable premium sub- instead of 20 per cent) up to a 
greeted the latest proposals surplus production into inter- sidles). certain quantity. For New 

from Brussels to curb spending vention stores. It is noteworthy that, under Zealand this Is set at 245,000 

°° ,tne raeep and lamb sector, British farmers are particu- the two systems, French produo tonnes a year, although imports 
which will be discussed by larty upset about the main tion has declined by nearly are currently running well 

ministers at the end of this plank of the Commission’s pro- 2 per cent a year while Britain’s below that at some 182,000 

month as part of an overall plan posal, the phasing out of the is currently Increasing at nearly tonnes. 


to control the EC’s runaway 
farm budget. 

The reaction was entirely pre- 
dictable, for the support system 
whidh the European Commis- 
sion wants to change princip- 
ally benefits Britain, the Com- 
munity’s largest sheepmeat pro- 
ducer. Under its aegis, British 
sheep fanners have increased 
production by 20 per cent since 
1980 and are guaranteed weekly 
prices that are generally a third 
higher than those they would 
get on the open market 

The support funds for sheep- 
meat are not large compared 
with what is spent on support- 
ing dairy or cereal farmers — 
the European Community at 
present spends only 2 per cent 
of its farm budget on support- 
ing the clumsily-named sheep- 
meat regime — but the Commis- 
sion fears that both production 
and spending could shortly get 
out of hand. 



In the fifth article of our 
series on European Commis- 
sion plans to cut the spiralling 
cost of EC farm policies, 
BRIDGET BLOOM looks at 
the sheepmeat regime, from 
which the UK derives the 
most benefit 


3 per cent a year. Imports, mainly of frozen 

The Commission has proposed lamb, which arrives in the 
that the variable premium winter when fresh European 
should be phased out over the lamb Is scarce, account for 
next four years, to be replaced about 20 per cent of t otal EC 
by a general sheep support pre- sheepmeat consumption of 
miiim in 1992. The new just under lAn tonnes a year, 
premium, which would be on As an obvious sop to EC 
ewes not lambs, could be paid producers, the Commission has 
in several parts over the market- said that it wants to discuss 
ing year. the possibility of reducing 

In an effort to reduce costs. 

the Commission has also pro- establishing mi n i m um prices 
posed to limit the number of 

animals on which the premium , T ° e “ *P e Commissi on s 
can be paid. It would like to P™***^* on sheepmeat. given 
limit sheep numbers in the EC 9 P^ c £f r . mt ^: 

to the present 87m, reducing 

support prices if that figure P*e British Governments will- 
were exceeded, while it would l® 131 ® 88 J° compromise. Though 
pay the new premium on indi- Bee** °° 

vidual flocks of up to 1.000 sheep re f**£ ,n PrivatelyBritish 
in hill areas and 500 in the »»*»“** teid to take the 

farmers’ part and argue that 


INDICES 

REUTERS 

Oct 6 tOcfc'B jtfrth agojYearaao 

166010 ‘WOjPi 164Q. B j 1666 ,0 

(Him: September 181831 -1QQ) “ 

DOW JONES 


Dow • Oct 
Jones 6 


r- 


M*tt 

•BO 


Year 
aao 

fi t" aa gii ifx4g| — u4Jo 

(Bur. December 3l“i881"TO!T" 


MAIN PRICE CHANGES 


LONDON 
MARKETS 

COPPER MARKETS bounced 

up on the Uradon Metal Ex- 

change yesterday following 
Tuesday's minor setback. The 
cash Grade A position closed 
at 2 148&50 a tonne, up £13 

on the day and £37.50 on the 

week so far. Overnight 
strength in the New York 
market encouraged the rise 
but dealers said there was a 
strong nderiytng tone in Lon 
don, with many traders 
regarding any fall as a 
“ downward correction” offer- 
ing a fresh op p ortun ity to 
establish long positions. In 
general the view Is that the 
current supply deficit is un- 

likely to be balanced by in- 
creased production until early 
1988. Aluminium prices fin* 
ished sharply lower again 
after an erratic day’s trading. 

Fading concern about short 

term supply tightness was re- 

flected in a narrowing of the 
cash premium over the three 

months position, which 

showed a relatively small fan. - — 

Dealers also reported profit 

taking sales as the cash high 
grade position lost $25 to 
$1,955 a tonne and the three 
months position fell $5 to 
$1,855 a tonne. 

LKE prices supplied by 
Amalgamated Metal Trading. 


Oat 7 + or Month 
1087 - - ago 


US MARKETS 

CRUDE OIL futures held fins 


OTABCE fee awnffte 


cow 

t3?.70 

13 era 


wa 

i»j$ 


H7.SC 
uwe tauo 


July 

Mow 

Jan 


1JM2S 

is3ss 

•38.00 737.75 

133 » 137.75 


mao fl&K 

uttt 1X7JQ 

moo mm 


P1AT1KUW 90 W 
ounce* 


WtJ 


Oct 

DK 

Jan 

Asnl 

dirty 

Oct 

Jon 


□on 

ffrav 

as 

tow 

573-7 

637 

>010 

576-2 

679.7 



6W.7 

8BZ.7 

tel 

fj«5 

ES72 

5913 

8673 

tel 

m 2 . 

•DOS 

9913 

886,6 

EC6-« 

era a 

6700 

ni 

6147 

633 

BOLD 

«I73 


SILVER 5.000 VOt 




METALS 
Aluminum— — } ; ■ 

Free Market— --US 14 iMoj +20 SWUR 

Copper,, • 

Cash Grade jl~|£ 1160£ i+ 13 felOBS 

3 months. £ll«M +9 IC107O6 

GoWTroyoz. *467.5 )-a»*437.6 

Load Cash £36*7.6 U* IE418 

S months ,..—.£36X5 Wl ,£395 

Nickel — | ! t 

Frao Wct~, ;H7/2g7s ^:34&296o 

Palladium ox .— 8134.78 |+0JftSlS7jm 
Platinum oz . — £872.00 — I ; *5B8.6Q 

QutakaUvert SMSjSDS ..itSM/Bir 

Siivec troy ax. — ;46a85p 

3 months |47B30p 

Tin- [ 

free Mkt te*TMrt70 


3 months— . 
prod ucers - .. |!_ 

OILS ' 

Cooonat (PbRPjiSQBx ’ 
Palm Malayan *360z 



4327.5 


ALUMINIUM 


99.7% 1 Unofficial +or 

purity I dose (pjnj — 

S par w arn 


HSfltl/Low 


Copra oPh in iiSIYA “lLL. 
Soyabean (OS.) IV106 Pi 

GRAINS ' 


Wheat Fut. JanJeitSOOi 
No. a Hard vyinri 2 
OTHERS 


jttS5“ 

■S14B4 


Cash 1960-60 
3 months! 1850-60 


Goooa Ft. Mar. [£1813.5 i+lf 
Coffae Ft Jan - E23SK5.B i-TJ 

1185571845 Cotton A md." 73.96c •— W, 

Oas Oil Nov. 1166 i+OS <fl0L0 

Official dosing (am): Cut) 1.920-40 Rubber OcUo) 6X7SP J--.-iTOp 

- '■««» saara. 

% Unqooud. t Per 7&-\b fissk. c Cants 

• pound. * Cotton outlook, w Oct-Nov. 

y Nov. z Dae. t Nov-Oac. 


(2.000-20), 

(1.875-95). MtUaraenr 13(0 (2480) 
Final Kerb do&a*. 1,850-80. Ring turn- 
over: 1.000 tonnes. 


99.6% 

purity 


£ par 


SILVER 


Cash l 1106-200 1~8.6 j — 

3 months! U21.6-2.6P&8 jllflT/UOO 


COPPER 


Silver was fixad 0£p an ounce higher 

for spot daliveiy In ilia London bunion 

nurfist yesterday at 4BUKp. US cant 
eqtttvsteits of the fixing levels wstia 
Spot 765.25c. up 3.35c: tbrsa-nranh 

781.45c. op 3.7c: si x -mo n th 797.9c, up 
» - - - - 3-5Se: end 12 -month 831 -75c. up ZSc. 

Ring turnover: 3a 050 77 * ^atai opened at 466V408P (766- 
768c) and closed n 466>s-468p (766- 

767c). 


Official dosing (am): Cash 1.t83-4 

(1.213-5), Ouse months T.116-7 (1,135- 

6). settlement 1.184 (l^ 5 )- Final Kerb 

dose: 1.124-6. _ 

tonnes. 


Grade A 


Cash 
3 months 


Unofficial +orf 

OiOlP ^ 

£ per tonne 


1168-70 

1150-1 


+ 1 * 

+9 


KghfLow 


1166/1160 

1150(1135 


Official dosing (am): 1.164.6-05 

(1.159.5-606), three months 1.1*60 
(1,145-55). aeffBmsnt 1,165 (1J6DJB). 
Final Kerb dose: 1.149^-50 




g 

3 

jS 

B 


1 


1 


-Turnover: Nil (nil) lets of 
10,000 ounces. 

Three months 8nel kerb 781 -3c. 




| 


Cash 

1163-7 

+ 1* 


8 monttra 

1146-7 

- ! 



COFFEE 


OfftdaT dosing (am): Cash 1.160-2 

(1.156-9). Ihrsa months 1,140-2 (1.138- 

42), esulemant 1.162 (1.159). US Pro- 

ducer prices 86.5-90 cents per pound. 
Total ring turnover: 39,475 tonnes. 

LEAD 


Rebus U levels mmained within tbs 

lecsnthr established range, trading In 

moderate volume. Trade sailing was 
easily absorbed by htdusuy price- 
futlng daring the morning, but by late 

afternoon further trade pleasure had 

pushed prices to the lows. ‘ 


Cash 


S Months! 363-2 


Unofficial + or 

close (p.mj — 
£ par tonne 


367-8 


+1 


High/Low 


[366/365 

£63/351 



+ on Business 


1391-1360 

IW12-1303I 

Kl 433-14 18 

■011448-1434 

SJI1460-1445I 

■81482-1460 

1487-1486 


Official dosing (am): Cas h 36 6-7 
(363-3.5). three months 360-1 (3»-7). 
sartiemem XI (363.5). Hnil Kerb dose: 
360-2- Ring turnover: 7^50 tonnes. 
US Spat 43 oents per pound. 

NICKEL 


Cash 


Unofficial + or 
close tp.m .1 — 
£ per tonne 


3316-20 ' —56 


3 months 13318-20 i —33.5 |3336/B8» 


Sales: 4630 (5.448)1 an of 6 tonnes. 
ICO indicator prices (US cents per 
pound) for October tc Comp, daily 
1979 112.02 (112X0): 15-day average 
106.12 (104.60). 

COCOA 

Futures made new contract 
lows In relatively active trading con- 
ditions. Short-covering towards the end 
HighfLow of the day produced s E1B rally and 
prions dosed abount unchanged. Manu- 
facturer price-fixing and offtake was 
prominent while origins remained with- 
drawn. reports GiK end Duff us. 


«31B/ — 


Official closing (am): Cash 3^05-10 
(3.326-35). three months 3.312-15 
(3.320-5), Battlement 3.310 (3,335). 
Final Kerb close: 3.315-25. Ring turn- 
over: 918 tonnes. 

ZINC 


[Yesterday's) 
close 


» per tonne 


March — 
May- 


High 

grade 


(Unofficial + or 
eiose (p.mj — High/Low 
£ per tonne 


Cash 
3 months 


467.5-4X l r -e __ 
471-1.5 


^HlgluLov 


July — .. 
Rapt 1 

Doc 

March— 


1181-1182 
121S- 1214 
1285-1237 
1266-1850 
1276-1279 

1302-1303 

1326-1389 


+ «■ 


+ 3.0 
+ 6,0 
+5JD 
+ 8.5 

+ 8.0 

+7J) 


Busin eee 


1181-1166 

1214-1166 

1237-1216 

1284-1240 

1278-1268 

US2-128S 

UBB.16C-8 


Official closing (sm); Cash 471-2 
(474-4.6). three months 474-4 Ji (474- 
5). settlement 472 (474 J). Final Kerb 
doaa: 471-2. Ring turnover: 11,375 
tonnes. US Prime Western: 43-43.75 
cents par pound. 


Sslaa: 4-485 (1498) lots of 10 tonnes. 
.. .. .. . ICCO indicator prices (SDRs per 
1476/471.5 tonne). Dally pries for Octobsr 7: 

1,481.48 (1^81.85); 10-dsy average for 


Oct 

Kov 

Dee 

JS7I 

War 

M 17 

July 

Sept 


753.7 


on trade buying, wifi* o brief 13713 m» «» mq 

set-back os locate took profits, 
reports Dresel Burnhaaa Lam- 
bert. Gold and silver were 
firm on early trade baying bst 
news of an increase in the US 
prime rate saw proSt-taking 
ease prices from Ibe fcigbs- 
piaHmrta eased on fond, ImsI 
wui commission bosse selitog. 

Copper made new contract 
hi g b c 00 trade buying, bnt 
profit-taking reversed the 
market. Cocoa armed on com- 
mission house and trade 
baying before local long- 
liquidation emerged towards 

the close. Coffee was barely 
steady, reflecting underlying 
trade support. Sugar failed to 

~mafce headway as fund and 
commission house buying was 
insufficient to overcome trade 
selling. Local and commission 
house buying firmed cotton 
despite trade selling. The 
grains were easier across the 
board, reflecting weaker casta 
prices, but good technical 
baying, especially to the 
soyabeans and piL led to a 
strong flwiuh piyi in the maize 
and wheat. 

NEW YORK 


Ctoat 
7660 
776.8 
775.5 70 . 5 

791.0 77SO 
73-1 7 900 
S0S.3 SOU 
8177 ers-i 

238-3 527.7 


raph tew 

KM -ms 

7»0 773.0 

7«an Two 

796JR mo 
mxa 8Q5o 
620-6 0180 


SUGAR WORLD " T1 ” 
117,000 Itw: 


Jan 

mnh 

May 

July 

Oct 

Jan 

March 


Ctoe* 

6.95 

Prow 

an 


teer 

830 

7.42 

73> 

736 

7 M 

7» 

7.68 

7.7$ 

7.66 

7.73 

730 

7J6 

7.72 

T» 

737 

.139 

JM 

836 

8.1$ 

— 

>- 

833 

830 

— 

— 


CHICAGO 


LIVE CATTLE 4&000 tta: Cariffi/ttn 


ALUMINIUM 40000 Iba; cvmflbm 


CIom 


tfigh 


Law 


Oct 

8X85 

73.79 

— 

_ 

Hnv 

8XSS 

83.7S 

— 

-rati 

Dec 

8X85 

83.75 

8335 

8X60 

An 

Bora 

81.10 

MM 

— 

Mend) 

7835 

77.76 

* — 

— * 

May 

7130 

7X50 

— 


July 

6835 

69.79 



Sept 

6636 

69.79 

— 

— 

R^ll ■ MM 


Close 

mr-i 

■HTJ1 

T-rl 

Dm 

1838 

1813 

1840 

-.BOO 

Ms r 

1865 

1844 

ins 

1833 


1891 

1872 

1893 

1865 


1320 

1895 

1920 

1902 

Sep 

1350 

1328 

■era 


Doc 

1SS0 

1963 

19B4 

1956 

Mar 

2010 

1983 

— ■ 

-- 

corns 

"C“ 37300 toe: ceote/lbe 


Com 

Pre* 

High 

tew 

Doc 

123-89 

WIM 

123X0 

122X5 

Mar 

1Z730 

12734 

12736 

128.70 

May 

12935 

12836 

129 JO 

128.00 

July 

13038 

129.75 

130.00 

12935 

Sept 

13130 

131X0 

13130 

130.40 

Dec 

13X50 

131.63 

33X50 

DUO 

March 

X32JSO 

1330 

— 

— 

1'. 'ig 


■ ‘rM-. • r/.Ti 



Clou, 

■ET3I 

tegh 

Lew 

Oct 

8X60 

HXM 

8336 

83.20 

Now 

83.60 

83X6 

— 




Class 

Prav 

High 

tsm 

Oct 

te.42 

0736 

8730 

6027 

Dec 

66.82 

66.57 

66.07 

mx 

Feb 

64 97 

ten 

96.78 

94.97 

Apr 

66.47 

67 07 

67 05 

66.12 

Jun 

65 97 

96.72 

66. SO 

te-75 

Aug 

65X0 

65X6 

SS46 

64X5 

Oct 

83X0 

BUD 

•UB 

MUM 


— — LIVE HOGS 30.000 Iba— Cnm/tta 


Oct 

Dec 

Fab 

Apr 

Juna 

July 

Aug 

Oct 

Dae 


Close 

Prow 

wgh 

tew 

50.00 

5029 

60.15 

49 72 

47.76 

47.47 

4786 

4X15 

45-27 

MJS 

4687 

44-50 

4X00 

4186 

4X22 

41.65 

4430 

44.15 

44.40 

4380 

44.60 

44 72 

44.72 

4SJ6 

43.20 

43.10 

43.40 

4X» 

4030 

40.10 

4038 

4GUX1 

4016 

40.10 

40.75 

— 


MAIZE 5,000 bu ram; canta/ SMb b u a he l 



Close 

Prev 

High 

Lew 

Doc 

183.0 

18X4 

183.4 

1804 

March 

1918 

1904 

191-4 

1K8 

May. 

198.6 

196.8 

198.8 

ns.o 

July 

189.2 

191.2 

198 4 

W1 

Sept 

124.2 

194.2 

195 Jt 

13XB 

Dec 

194.6 

194.6 

■OS.0 

W3.fi 

Mar 

29X0 

22X2 

— 



_ ^ _ PORK BELLIES 38.000 Iba: Canw/K« 


Doc 

Jan 

Mar 

5ST 

Sn»t 


23A0 

82.75 

81A 

rass 


83.00 84J96 82.70 


01.00 

89JSO 


79.15 


81 JO 
80J» 
78 JS 
79JS 
73.05 


81.10 


79.80 

7U6 


7»ra 

7920 


COTTON 50000 Iba; cwtta/lba 


Oct 

Dae 

Mar 

MV 

July 

Oct 

Dap 


7130 

TOM 


7M6 

73.00 


72.06 

7ora 

72.10 
72 35 


rate 


ea.«r 

6SJ2. 


Weh 

73.10 

7146 

7X60 

7400 

73-56 

06X6 

67.00 


7130 

70.20 

71.76 

72.60 

7L1S 

68.00 

ssra 


CRUDE OIL (LIGHT) 42,000 US gall oca; 
Vtamb 


Dac 

Jan 

rab 

Mar 

Apr 

Jan 

July 

Aug 


Lataat 

19.63 

1X64 

19.47 

rax. 

1933 
1932 
1937 

1934 
19.06 
19:10 


P IW 
1344 

1936 

1937 
7939 
19.13 
1937 
19.02 
1839 
1836 
1834 


High 
19.68 
19 60 
19.62 
193* 
rax 
1033 
1930 


low 

1938 

1930 

ZE 

193S 
10 30 
1930 


1030 ie .10 


GOLD 100 tiruy ounosa. S/troy outick 


Oct 

Nov 

Dao 

Fab 

April 

Jrn 

& 

Oct 

Dae 

Fab 

Juna 

Aug 


Close 

4S8.1 

4603 

4813 

<70.1 

4763 

48X7 

430.7 


4883 

606.4 
51X0 

523.4 
S383 


Ptw 

4673 

4SX6 

48X7 

4693 

47B3 

48X7 

488.7 

460.1 

4973 

504.4 

5123 

6Z73 

5353 


High 

453.3 

4653 

47X0 

4783 

484.1 

431.0 

461.0 
4993 
5063 

614.0 


Lew 

457.7 

46X3 

48X0 

4763 

483.5 

491.0 
4813 
4993 

504.5 

614.0 


HEATING OIL 424)00 
coota/uS galhma 

US 

gaffons; 


Closa 

Prev 

Hhffi 

Low 

Nov 

65.70 

6482 

5680 

56.00 

Dec 

65.96 

55.10 

56.20 

5585 

Jan 

66.10 

56.30 

5680 

5580 

Feb 

S68S 

era 

5585 

6586 

March 

5385 

5X20 

S3 .90 

5380 

April 

5X1S 

61.65 

SX15 

6186 

May 

6080 

5085 

sira 

6080 





KTI 

Low 

Fob 

69.06 

59.82 

eora 

68.75 

March 

59 67 

59.36 

59 80 

53.60 

May 

eora 

60.07 

eo» 

5X30 

July 

5387 

59.70 

59.97 

19.00 







Close 

Prov 

High 

Lew 

Nov 

60X4 

537.6 

544.0 

5382 

Jen 

5802 

6448 

SSI .4 

602 

Much 

557.2 

661.2 

559.0 

990.4 

May 

6638 

557.4 

E64.4 

667.0 

July 

EG6.4 

5H1-Z 

563. 4 

6800 

Aug 

58X0 

567.0 

583.4 

563.0 

Sept 

660.0 

646.0 

551.0 

660 0 

Bov 

6458 

541^ 

548.0 

5406 

NTT/’ I'M' T'*'. .* 

bom: 3/nm 


Cleaa 

p«v 

High 

Lew 

Oct 

1778 

1798 

178.0 

170 0 

Dao 

17X1 

171.9 

173.5 

171.0 

Jan 

169.B 

183.6 

170.6 

188.7 

Mar 

187.8 

1878 

1C88 

1M.7 

May 

166.5 

1688 

167.5 

ItS. 5 

July 

164.6 

1668 

168.0 

164.6 

Aug 

164 2 

164.2 

105.5 

164.0 

6npt— 

16X5 

1M8 

16*8 

1BXO 

Oct 

'181.7 

162.6 

1818 

W2 0 

Dec 

18X0 

iexo 

1SXO 

18X0 




Ctosa 

Prev 

W Oh 

Lew 

Oct 

1785 

1882 

17X8 

14.77 

Ooc 

1787 

17.17 

178S 

17.11 

Jen 

178S 

17.36 

1786 

17.30 

March 

18.18 

T7.6S 

IB. 20 

17-82 

Stay 

18 86 

17.90 

18.33 

17.80 

July 

18 55 

18.12 

is.te 

19.15 

Aog 

18.55 

18.17 

18.55 

18.10 

Sopt 

18.55 

18.17 

18.65 

16.30 

Oct 

IB. 155 

18.15 

19.70 

1*20 

Dec 

UL85 

HUS 

18,70 

W-00 




Close 

Prev 

High 


Dec 

2978 

296.2 

297.6 

28XJ 

Mar 

308.0 

338.8 

3088 

304 X* 

May 

304.0 

303 4 

304.4 

101.4 

Jul 

3B6.0 

285.4 

288.0 

2S4.C 

S«P 

239.4 

2888 



Dec 

239.0 

291.0 

299.0 

299.C 


SPOT PRICES — Chicago I 00 M lira 
15.00 (Mine) cunts par pound. Hand* 
and Harman sllvar bullion Tflc.5 (673.0; 
canta par troy ounca. New Turk tir 
5030 315-316 (313-314) cants par pound. 


LONDON METAL EXCHANGE 
TRADED OPTIONS 



Strike 

Price 

CeHs 

Puts 


6/toane 

Nov. 

Nov. 

Alumin- 

ium 

99.7* 


E 







Nov. Jaiuj Nov. Jan. 

Alumin- 

ium 

99.6% 

1,900 

1,960 

8,000 

771« 6Sie 41 160tg 
69 40I«te6 196 

» 89ie|96 2341* 

Copper 1,880 

(Grade A) 1,900 
1,850 

78tj 94*a|£7i« 74 

go 7HeMaie 100 
801* 83 |7B 1301 

Copper 
iGrade A) 

Crionne 

1,126 

1,160 

1,176 

4€I a 6Usi 9 38 

30 40 16 44 

18 SO 1 30*8 68 


October 7: IASI AS (1.481 35); 10-day 
average fur October 8: 1.51235 

(131938). 

GRAINS 

VWiMt and buley both steadied on 
erratic atop-lois buying reaching 70p 
up on wheat and C 1.10 up on bariay 
before easing sharply on keen short- 
term profit-taking. However, barley ra- 
galnad itsr momantum with shipper 
buying a feature, reports T. G. Roddick. 


OIL 


i Latest 


'CRUDE Om— FOB (S par barreO Oct. 


WHEAT 


BARLEY 


Arab Lights.- 

Arab Heavy. 

Dubai 

Brant Bland — 

W.T.L (lpm edt) 

Foraados (NSearla) ! 
Urals (elf NWEL- — | 


Mnth 

Yast’dy'o 

close 

+ ra 

Yestfdy's J+ or 
ctosa | — 

Nov.toJ 

110^0 

+0 M 

104.86 

+ora 

Jan. ~ 

118.10 

+U./I 

206.40 

+l.an 

BtaTto.. 

11X85 

+041 

108 .se 

+0J6 

■My — 

11X70 

+OM 

ios.se 

+1W6 

July 

117.60 

+0,68 

— 


Sept— 

100.16 

— 

87.30 

— 

ncmTHI 

102.18 

— 

ioora 

— 


16«B8-17.C5*|—Q.08 
10.7S-16.85 — 

19.09- U.K*f +0.01 


SOYABEAN MEAL 

„ commarcial sailing pushes 

prices £1 lower where good profasslona 
and local buying sopperud the market 
Keeping values at that level for tbi 
remainder of tbo session, reports 
Muirpace. 


£ 


eatard'ys; + or! Bushrara 


cloao ; — 


dona 


PRODUCT 8 — North West Europe 
Prompt delivery elf (5 per tanno) 
P ro m h itp gasonne— I 1B4-1B7 1 — 1 

Oas OH —J 164-166 +1 

Hnv* fuel Oil. J 108-10+ — 

Naphtha I 266-167 I —1 

* November 

Fa ir oleu iw Argue estimetaa 


I * ! I 

. I par hrnna 1 

October^... — _ _ 

il5Xi-T553 1 — O.B613e5 

Feb.. I1JX6-1353 f— 1.0J1S93 

*mll — ;151,6-153.B :-l3Si - 

i un « - L-flra! — 

ri re l 


‘ LONDON GRAI N S -W h eat: US Dark 
Northern Spring No X 14 per esne Oct 
96-50. Nov 98.76. US No 2 Soft Red 
Winter: Oct 913a Nov 9X25. French 
11V 12 per centi Oct 135.00 awllem. 

English feed, fob: Jan/March 115.50 
paid East Coast, Oct *111.00 sailers; 

Nov 111.75-11230 buyat/aellera, Dec 

11X7B-1133a Jan/Mareh 115.25-116.00, fi n iy> (Ci 05 .om. UD 57 xn » mi 
April/June 11830-11830 buyer/aa Hers. - 57 - 40 < U P M 00 > 

US No 3 VeKow/French. ursn- 


Salas: 152 lots of 20 tonnes. 

GAS OIL FUTURES 


Month 


|Yeaterd , yJ+ «■- 
1 close 


SUGAR 

^LONDON DAILY PRICE— Raw Suger 


“ I dona 


' US* ; 

■ Dor tonne- 


TIN 


lowlands. _ 

■ i.. This aspect of the proposals t" 0 variable premium should 

, . „ could be open to abuse since it to Ke the 

_ . . _ variable premium. This applies Is notoriously difficult to count 1,881 viay of assuring farmers* 

Support costs have rMen. from only in Britain and is paid on flocks precisely. It would also iMO™ 88 and— because of the 
ar ^l wid . ^L 150m a983 ’- thc lambfi M ady for slaughter. The be bad for British farmers, with nature of the deficiency pay- 

regime s first year of operation, premium is available weekly flocks averaging 400 sheep meat — of assuring consumers 
to Ecu 614m (£420ni) last year and guarantees minimum prices against 80 for the rest of the cheaper meat 
and a predicted Ecu 900m next whatever happens to the mar- EC. There have even been sug- 

year - Guapmteea Are currently ket. It is a deficiency payment. These measures, the Commis- gestions that the EC as a whole 
open-ended. Without controls, making up the difference be- sion believes, could rave about should adopt the variable pre- 
costs are bound to nse even tween the market price and a Ecu 500m in a full year. mium system, partly because, 
faster now that Span and Pop- guide price which varies accord- Finally the Commission has after and a 

tagaJ are fully integrated into mg to the season, but is al- proposed that aTSffmt S latter - lamb war," French pro- 
ti» sector, the Comnuaaon ways set well in advance. Next bu^tishlarcfc Srti to Oncers are now said to favour 

r, proposals, Lora to’fSrs;^ atong^with^toe^variSl? pre! * PK^bly not a serious 

published two weeks ago. bare this time next year the guide mini The tax is SSmaa^ suggestion. But there Is no 
two mam alms. They are price will be Ecu 825.47, or •'clawback’' bm i‘ it doubt that British ministers 
dra.gned to contort production about £212 per 100 kg. equivalent to the wiabte nr* a dilemma. They would 

and spending and they are in- This guarantee system is of mium and is aK* prevent li*e to keep the present system 
tended to produce a uniform obvious value to producers, giv- j n g British lamb undercutting and please the farmers. But 
support system from the two ing them a predictable cash- the French product at the same time, Britain is the 

quate distinct regimes which, flow throughout the year. It The sheepmeat regime is most enthusiastic proponent of 
for mstoncal reasons, apply in contrasts with the system oper- further complicated by the fact cute in farm support spending. 
Britain and to the rest of the atlng in France, the Comroun- that the EC also imports lamb. Its Community partners will be 
Community. Since roe regime itys other major sheepmeat particularly from New Zealand watching to see. whether it is 
was introduced in 1980 Britain producer. Under this system — a hangover from the days prepared to cut spending in the 
has operated a variant of its farmers get an annual premium before British entry. Under so- one sector in which it is very 
original ■- *• — J " — ■ * ■ ... _ . _ 


MEAT 

MEAT CGlflfllSSiON— Awragv fat- 
stock prices at repreaenutlv* markets. 
GB— Cents 94.5*p per kg Iw (-130), 
GB— Sheep 163. lip par leg eat dew 
S-C6). I ffi ^ - P 1fls n 7830p a pa r kg Iw 

deficiency payments on breeding stock most of called voluntary restraint "agree- clearly the biggest beneficiary, dw (+u3sj? B ^ 96 ‘ 88p p * r 118 

i 


KUALA LUMPUR TIN MARKET*— CkMMB 
17.01 (16.90) ringgit per kg. Up 0.11. 


GOLD 


GOLD BULLION (fine ounce) OoL 7 


dose S487L-467S* (£878 4-878 !«> 

Opening... 3488is^69 (£8794-8974) 

M-n-g llx 44tiB.ua lE3U03bS) 

ATTn n fix 5454.55 (£279.779) 

Day's high 84094-4693* — 

Day's low 6467-4074 — 


GOLD AND PLATINUM COINS 


Am EagleJK 70475 (£8064-8884) 

Mapie(earS47 144744 t£8874-SW) 

Kr*g* r* nd. 3466-408 (£9774-8794) 

4 Krug... 3259-2484 (£ 1404 - 2014 ) 

4 Krug.. ..6188-150 (£ 74 4. 79 U) 

Angel 6469472 (£8604-8874) 

1/10 Angel 5464-054 (£894484) 

New Bov. 61074-1084 (£604-60) 

Old Sev....*1074-109 f £054-004) 
Noble Plat. 8590-6 00 (£*»4-3654) 


shipment East Coear. 2nd-baK Oct 
18130 aeHar. fierier: English feed: Oct 
1083a Nov 108.80. Dec 109.50 sellers. 
Jsn/Mirch 111.80-111.76 buyer/sellera. 

H G C A — Locations! ex-farm spot 
prices. Feed bartejr Eastern 102 . 00 , 
E. Mdienda 102-60. N. East 1003a 
Scotland 101.10. The UK monels ry co- 
efficient lor the week beginning Monday 
October 12 is expected 10 remain un- 
changed. 

Business done— Wheeb Nov 11030- 
lora, Jan 11XKM3Q, March 11330- 
335, May 1ML90-SA5, July. Sept sod 
Nov untraded. Salsa: 301 lots of 100 
tonnes. Bailey: .Nov 1M.2frJ.5a Jan 
106303.00. March 10630338. May 
109.50335, Sept end Nov untraded. 
Sales: 250 bts of 100 tonnes. 

POTATOES 

~lrwvttibia praflMaUng, lollowlng re- 
cent strong gains trimmed value* by 
£ 2-00 during the morning attar an un- 
changed opening. Towards the close 
confidence began to return with levels 
edging op ro dose, mid-range, reports 
Coley end Harper. ■ 


a tonne tor Oct-Nov delivery, 
auger $19030, up $3.60. 


White 



Veeterd'a 

Previous 




cloao 

done 


Oct ; 

Nov 

Dec- : 

J«n _...; 

Feb. i 


1JS-S5 1 * 135' 165.30-M.K 
IIS-22 ■+230il67Jfr«J' 

iiS:IS tSiiaSSiS 

16838 l + ira'l*83M7JB 


$ per tonne 


No. fi Raws 

D*o— —i 
Mer- 

Mey-... 

sa=? 

Dec — 

Mar — 


166.1-166.6:1563-7653 
lM3-1B8.4:iGB.0.]6s!6 
17t.B-l7X« 172.6- IS9.6 

— ! m3.TW.6l — 



No. S Whites 

pea — I 


Mb- 

Aug^. 

Out. 

Deo.— 


IH-71W-3 180.5.1823:1803-168.0 

2943-167 .« wiS jMgfrgM J 
MU-Z113I ns.e^ixfrziiLe 


°- TO (S.*=) to. a 100 

FREIGHT FUTURES 

ADDFRElCHT FUTURES— TO8 _ 

war! with prieee 00 tin 
at ^arSk (coding 

at 2*° fiidha, ropajgj Cltriaan 

i Oloae IHigh/tew'i pnar. 


Dry Cargo 


lots 


.Yesterday's! Previous 
Month i does I oloee 


iMiteas 

done 


C per terms 

Nov.-~ 

N&ih’ . 

SSS--': 

NoV. 

"BE So "(1,4 40) G5 ot 40 tonne*. 



SetaR No 6 4362 (4388) 

« tonnes- No .5 1,730 (2.063). 

Tale and Lyta delivery pries fa, 

ggSSflSiS* t * a * ia Jwaei ms £ 2 iora 

(£ 208 . 00 ) a tonne (or export. 

Intemattansi Sugar Asraemont ms 
rams per pound fob and stowed 
Caribbean ports).- Price. f ar October 
fc Dally price 635 (6.14)- 15-day 
average 835 (6.00). a? 

...PARIS— Whites (FFr per tonne): Deo 
1138-1 WO. March 11S6-1198. May t22A. 


OetL 

Jen, 

Apr. 

OS. 

Jan. 

Asm 

BF1. 


ini )nic/im kios 

rose 

— j 1800 

— I 1800 

— j 1887.8 

— j 1071 


1*173 

1300 

1200 

*3873 

1075 


Turnover: 400 ( 268 ). 

RUBBER 

^ Pr^es (buyers). 

riu'ss 


iK-grmtiSZ'Z; Stst SSnSJSS 


























33 


fbodd-TE^Thunday Octobers 1987 

CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 


Dollar weak despite prime rise 


THE DOLLAR weakened in ner- 
vous trading, dominated by 
speculation about higher world 
interest rates. 


to Y145-60 from' 


1.5305; and 
Y146.7D, 

On Bank of England figures the* 

ne w . , . dollar’s exchange rate index fell 
US banks followed Chase to 10L5 from 101A 
Manhattan in raising their prime STERUNG--Trading range 
lending rates to 9% per Cent from against the dollar in 1387 is L6885 
»• per cent This came as little 2- L47X0. September average* 

* fter **» LM58. Exchange rate Index rose , 

recent increase in US money mar* tu to 7XS, compared with ELS six a gatwci 14&4 ^ aga. 

a..*. t a TWO* ago. The D-Mark was firmer against 

xnS thff^sJSe^S’or^ - cent **= “ Pnmkflirt, with the 


European Monetary System, 1 
which suggests his speech today to 
the Conservative Party Confer-' 
ence will not give any hint about a 1 
date for membership. 

D-MARK— Trading range 

against the dollar in 1987 la LBtoS 
to 1.7&90. September average 1 
1*8122. Exchange rate Index 148.4: 


flnumra/cfL* . “ against the dollar In Lon- US currency falling to DM L8285, 

. « n s 8 ? c JJ ess 111 ****&- don yesterday, and then showed from DM 1.8356 previously, as 
relatjve dollar stability very little movement, gaining 90 dealers continued to concentrate 
7^° *° PJ 11 o pward pres age points on the day to dose at on trade imbalances, and the size 
f 8 !? 8 * ^ ^ us budget $L6405-l441i After a slightly soft of the US deficit 

ter start against other mater eur^ 1 The Bundesbank did not inter* 
SmhdiUiiTS!! .w arec-i reticles the pound finished on a- vene when the dollar was fixed ah 
*«« dollar, higher interest; firm note, dosing unchanged at DM l-tass in Frankfurt, 

™«[ will result, to reduce DM 24)975, while rising to FFr JAPANESE YEN— Trading 
borrowing and slow ec ono m ic 9*725 from FFr 9.8675 and to SPY nan against the dollar In 1987 to 
growt h. . 2*0 from SFr 2.4975, but easing to 

concern about rising monetary Y239 from Y239JSQ. 
g rowth and possible inflationary The pmiwi showed little reae- 
pressure was said to be behind tion to comments by Mr Nigel 

Lawson, the Chancellor, that he 
believed $1*4 was a satisfactory 
rate for sterling. 

Mr Lawson declined to guess 
when the pound will join the 


yesterday’s rise in the West Ger- 
man Bundesbank's securities 
repurchase agreement rate, the 
level at which funds are r^gujady 
lent to commercial banks. 

H ig he r Japanese wholesale 
prices, due for release next - Mon- 
day. are expected to result in an 
increase in the Bank of Japan's 
discount rate. 

Sentiment towards the dollar 
was weakened by Tuesday's pre- 
diction of another 30 per cent 
depreciation in the value of the 
currency by Mr Martin Feldstaln, 
a former White House Chief Eco- 
nomic Adviser. 

The dollar fell to DM L8280 from 
DM 1*380; to FFT &Q775 from FFr 
6.1075; to SFr UBM from SFr 

£ IN NEW YORK 


189.45 to 138*5. September average 
143.19. Exchange rate index 21tL8 
against 219* six months ago. 

The yen rose against the dollar 
In dull Tokyo trading. Dealers sug- r 
Bested the dniUf was likely to 
remain in a narrow range before] 
publication of next week's US' 
trade figures. 


EMS EUROPEAN CURRENCY UNIT RATES 



Ecu 

contra! 

ratal 

Cwrenra 
amounts 
tewm. Ecu 
Ocl 7 

% change 

from 

central 

rate 

% «Wnw 

adjusted for 

dhmwncc 

Otvsrgenca - 
Itedl % . 

BdgLnFnE 

42.4502 

430507 

+L63 

+090 

± X5344 1 

DwtaUKraoB 

7.05212 

7.981619 

+L65 

+092 

£1*404 

Gcnwi O-fttaric 

2.05053 

247775 

+0.93 

+020 

± 1.0961 


6.90409 

691766 

+0J2O 

-053 

— L3674 

Dutch Guilder 

251943 

233815 

+081 

4008 

— L5012 


0760411 

0773674 

+068 

-005 

- 16684 

Italian Lira 

L483-5B 

149900 

+L05 

+077 

- 4.0752 | 


OcL 7 

Latest 

Pnaftws 

Oose 

£Spa 

L6380-L629lf 

gr.rc-ryr^rr.M 

1 nmntti 

051-029PNI 

O31-O30pn 

3msBitfa 

0l69O65riii 

0720701*1 

12 months- 

2D0-L90pm 

000096m 


Changes an for Ecu, therefore posture donor denotes a ask currency. 
Adjustment catetafod tv Ftandal Tlrnu. 

POUND SPOT — FORWARD AGAINST THE POUND 


Forward prem ium s and dhwuntt apply to the 

US. dollar. 

STERLING INDEX 



Ocl 7 

PlMIOHl 

830 

am 

733 

733 . 

9M 

am 

733 

733 

10W 

am 

733 

733 

1X00 

am 

733 

732 

Noon 


73-2 

733 

LOO 


733 

732 

2J» 


733 

733 

3.00 

pm 

733 

732 

4D0 

pm 

733 

713 


OCL 7 

D aft 
mrend 

Ok 

One month 

P3. 

Three 

irmthi 

96 

P-»- 

IIS 



031-028 cpm 

236 

069-066 pm 

165 

Canada - 



033—003 c pm 

0.45 

025-035 pra 

037 

Netkerianm . 

33Vr-33l\ 

336V— 3371* 

IV- IV c p* 

467 

3%-3*»m 

445 

Bri-ftm 

6230-62 30 

6220-6230 

20-17 cm 

357 

59-53 pm 

360 

Denmark — 

11^9—1132^4 

1L51— 1L53 


-033 


-015 

ttetand 

13130— 13180 

13150-13160 

015-009 c m 

139 

035-038 pm 

133 

WLCaranay. 

O99-30«( 

2.99V-3JXJV 

Ha-lb pf pm 

601 

4V-4pm 

550 

PWtowai 



4-91 c db 

-2.42 

59—229 c dls 

-244 

Spate 



15-50 c dK 

— L96 

129-814 db 

-331 

*tal» 



Par-3Gre db 

-AIM 

8—11 dfc 

-L76 

H»*W 



3*»-4 ore its 

-438 

W*-lWrifc 

-358 

France — 

9.95>2-9.9fl 

9.96V— 9.97V 

2-1% c m 

2116 

4V-4 m 

L75 

Sweden 

m4Wt-UL52 

m ifl " 




075 



5.96 


Austria 

2L03-ZL12 

ZL06-2L09 

10%— 9% c pm 

569 

28V-26V P« 

537 

S«ttz*ftand_ 

2Mh~2SBh 

249W50iz 

Ife-lVcm 

660 

3V3**m 

590 


Belgian rate ts hr cowertBric francs- Financial franc 6250—6280. 
128— 123 c pm. tt-montt 3-95—196 pm. 


Six-month forward doflen 


CURRENCY RATES 


DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


Da. 7 

U 

rate 

% 

tetu * 
Drawta, 
■tan 

Emma 

Carrara 

IMt 

Stettap 

— 

MW 

D6BM3 

OS.Dd 8W_ 

6 


133862 

rjMfwtiMf ... 

835 

• 

148126 

Andrian Set.— 

4 


146198 

Bctan Fnra- 

TV 

m 

€LU07 

Oonefa Krone — 

7 


7.98169 

Dtatste Mmfc. 

t 

m 

207775 . 

neth. Cteder — 

4>r 

an 

233815 . 

Frmdi Franc. ^ 

9»j 


6.91766 , 

hataUra_ 

12 

* 

1499 JO 

JmmeYea- 



165498 

NonaarKmnt- 

8 


759900 

fatete Peseta. 

— 


137086 

SMdUiKnaa. 

7b 


739263 

Swiss Franc.— 

35 


133411 

tirek Orach. _ 

aft 


159554 

lira Plus 



0773674 



ora's 



% 

fane 

retag 

Ocl 7 

oread 

dost 

On north 

P4. 

mootta 

PJ- 

uict 

16365-16425 

1640506415 

OJHUBc pro 

236 

069866m 

185 

feetadt 

14685-14716 

14695-14705 

0j07-O02c pm 

037 

081-03 1c pm 

0-44 

(irfi 

1303733060 

13045-13055 

037880c db 

— 1_7D 

040043 iSs 

-127 


2050500560 

28540-20350 

047-044C m 

286 

145- 140pm 

2.77 

Belgian 

3755-3000 

37.90-38 80 

500400cm 

142 

19JXU7O0m 

190 

Drawn* 

699V7JZ 

7Jtn.V7.02 

055-L25ore dfe 

-154 

215-285 Ss. 

-143 

W.Genaaw. 

18225-18295 

18255-18265 

059O56pl m 

3.78 

L75-L70m 

338 

Portnpal 

143V144V 

144344V 

20-VOc db 

-175 

50-250 dts 

-437 

State 

12L05-1214B 

12115-12L25 

1030c db 

-198 

70300* 

-280 

•air 

UlS>rl3l&i 

1317V-U17V 

28tMJtMredb 

—3123 

1080-1230* 

-335 

Monrtfr ■■■inn in 

bJ&T*J&4 

667-687V 

335-3. 70ore ifis 

-634 

065-905* 

-531 

Frw 

bJCrr-bJOBb 

607V608 

0854107c pro 

030 

U5(fis-030m 

088 

SweOew 

639V6.41** 

64DV6409, 


-122 

140-160 dts 

-100 

Japan— — — 

14525-14650 

14555-14585 


383 

137-132 pm 

330 

Atari* 

1282^2286 

128BV1285V 


337 

1250-1050m 

358 

sure tend. 

13200-15260 

15230-15240 

059855cm 

449 

L6Z-157TW 

438 

- .. . _ . . | a 


• CVSDR ram for OcL 6i 3-67024. 

CURRENCY MOVEMENTS 


Oct 7 

IEH 

1^1 

Strata* 

U 5- Dollar 

735 

1015 

-202 

-58 

Cairatao Dollar 

793 

-8.9 

Austrian Scbaioo — 

1373 

+108 

Betorin Frans 

996 

-48 


908 

+13 


146.4 

+213 ■ 

Swig Franc. — — ■ 

170.9 

+215 


1346 

+143 


715 

-128 


478 

-18J 


wmv - '! !.1 

♦633 


In the fo lff iild ui p o wn g. Mpii rat b hr cmmcrflUe Inna. AnbU franc SM03UO 

EURO-CURRENCY INTEREST RATES 


Morgan Guaranty efeangae ra ra ra p t 1480- 

1082=100. Bank of Eagland Wider (Ban anragi 

1975“ 100). 

OTHER CURRENCIES 


FINANCIAL FUTURES 


Gilts reverse early losses 


GILT PRICES recovered from 
early losses in the London Inter- 
national Financial Futures 
Exchange yesterday and fini- 
nisbed at the best level of the day. 


US bond prices after prime rates 'rally in Japanese Government 

were pushed firmer to 9to» per cent bonds suggested that US bonds 

gilt prices rallied farther, break- might be in for another bad day 

tog through resistance around the but US investors joined in after 

. .. . 114-16 level and attracting strong the start of trading In Chicago and 

Trading in the morning was in flu- ^buying 'into the close. apart from a brief dip on th prime 

enced by the recent softer tone to The December contract opened rate news, values were malted up 
US bonds and equities and signs a t 114-09 down from 114-12 on to furnish at 82-06, up from 81-12. 
that US interest rates wotjld rise Tuesday and foil to a low of 114-Qi Elsewhere three-month sterling 
alter Tuesday's announcement of before comin back to touch a high deposits finished unchanged after 

a small rise in West German rates, of 114-22 and close at 114-20. a rather indifferent day, not 

US bonds were steady but helped by a virtually static cash 

rather uninspiring in early trad- market. 

tog. opening at Bl-15 for December Three-month Eurodollar 
delivery and slipping to a low 81- deposits edged firmer towards the 

12. A rise In Vest German money close but still finished barely 

market intervention rates and a 


However with the start of trad- 
ing in the US, buying soon 
developed and this turned round 
sentiment in London where ster- 
ling had been steady to firm all 
day and despite a brief hiccup in 


changed 


LUTE LONG CtLT FUTURES OPTHMS 
Sntoe Mb— L bs 

Prtcr Dec Math Dec 

108 6*6 7629 006 

110 455 559 015 

112 333 435 037 

114 157 325 U7 

116 063 229 223 

118 029 145 353 

220 011 189 535 

122 OH 047 728 


045 

U1 

LSI 

2.41 

3.45 

461 

625 

743 


EsttauMd rotame Wi CMb 2346 Pub t,tu 
PicMous raw's iven Inc Cans 26324 Puts 19465 


UFFEBSTOEASWr Roan FUTURES OPTIONS 
Strike r,lt s — I mi Pus— Last 

Prim Dee Man* Dec March 

78 431 429 029 LOT 

80 252 332 0.40 156 

82 132 211 L20 2155 

84 0.40 L27 228 407 

86 016 056 4JM 536 

88 043 033 555 723 

90 Cm 028 753 842 

92 040 020 9521 1054 

EainMed Mhmr um. Cam 150 Pub 202 
Pterions iters awn foe Mb L396 Pub 846 


LUTE FT* ISO MKX FUTURES OrTTONS 
Sate Drib —Lab 1*1171 I m 
Rite Ocl Mo*. Oct. Mo*. 

82750 1351 1483 041 L73 

23000 1131 12.92 071 232 

23250 925 1U4 U5 304 

23500 738 9503 L78 3.90 

23730 5.73 841 243 4.91 

24000 432 668 322 688 

24350 325 530 545 7.40 

24500 232 448 662 888 

Estimated ratame total, CMb OteU 
Prates Ora's opt) tot Cafe 1U Puts UO 


LUTE S/S OPTIONS 
05880 (end per £3} 


LONDON U V$ OPTIONS 

02500 (rents pw O 


Strike 

Price 

145 

150 

155 

LAO 

145 

UO 

135 


Oct. 

1980 

1480 

980 

480 

030 

080 

080 


Celts-irat 
Nov. Dec. 
1980 1980 

1480 1480 

980 980 

480 430 

0.90 140 

087 028 

080 083 


to. 

1980 

1480 

980 

523 

2.70 

139 

0.45 


Oct 

n nn 
080 
080 
081 
139 
689 
1189 


Esthnated vote* foul, Calb 0 Pub 0 
Pmtao days open Im. CMK 302 Puts 1309 


Nov. 

080 

080 

081 

030 

Z2S 

642 

1135 


Dec. 

080 

081 

031 

081 

381 

689 

1144 


to. 

086 

087 

0.92 

235 

482 

SJ1 

1257 


Price 

146 

150 

156 

140 

146 

2.70 

L73 


OCL 

24*3 

930 

430 

050 

030 


Ce lte . L et 
No*. Dec. 

— 12.90 
1480 1430 
930 920 

420 450 

130 L60 

030 055 

130 


1430 

930 

530 

2.70 

120 

180 


Ocl Ha*. 


030 

030 

030 

140 

630 


Pmtaos Haft ep re foe Calb 1051 Pub 119 
Votes*: 2 


Dec. to. 
2.70 — 

030 030 050 

030 035 180 

055 0.95 230 

2.45 385 455 

650 6» 7.95 

- 1650 1750 


PHILADELPHIA SE SJ% OPTIONS 
C3A5G0 (cauti per Q) 


UFTE-EUROOOLLAR OPTHUiS 


State 

Price 

Ocl 

Cans 

Ms*. Dec. 

Mar. 

Oa. 

Puts 

Non. Die 

Mra. 

Strike 

Price 

9150 

91.75 
9280 
922S 
9250 

92.75 
9380 

Previous 

Esttenm 

1575 

635 

635 

635 

6.90 

rites 

— 

020 

120 

1600 

385 

3.95 

435 

530 

035 

035 

0.70 

285 

1625 

180 

285 

240 

380 

035 

0.75 

150 

2.95 

1850 

035 

085 

155 

250 

150 

205 

12.70 

425 

1875 

085 

025 

08S 

L75 

3.70 

360 

14.40 

580 

1.700 

_ 

buc 

030 

135 

635 

685 

650 

780 

1725 

_ 

_ 

030 

070 

18.75 

835 

865 

950 

Pterions day's open tut Calb 113,457 Puts 112,980 
PrrakHB de/1 mime: Cals 3,448 Puts 1460 




Cafa-Lrat 

Dec. Mar. Jen. Sue. Dec. 

035 031 D39 033 038 

607 034 032 - 055 

083 089 036 - 0.76 

081 085 031 - 0.99 

080 083 087 - 133 

080 081 085 — LZ3 

080 081 083 - 133 


Mar. Joe. Sept 
038 130 133 

0.96 128 

136 147 - 

137 147 

140 188 - 

140 188 — 

280 239 


LONDON 


20-YEA* 12% NOTIONAL GILT 

130800 Kuril el 100% 


Clase High low Prr*. 
Dec. 114-20 114-22 11441 114-12 

Nbitt 134-24 — — 114-16 

Eitfnreed Mina* 24,489 04,9641 
Piteous ora's open h*. 26806 07/476) 


6% NOTIONAL LONG TERM JAPANESE GBVT 

■OHO VlGGra MOB* ul 300% 


Cine HW> Lm 
Dm. 9556 9655 9635 

Men* 9636 — — 

EStaaleii Vote* 599 (562) 

Piteoui day's open lm. 883 (808) 


9530 

94.90 


THREE-MONTH STERLING 

£500800 patatt ef 100% 


Dec. 

tom 

June 

Sept 

Dee. 


Close 

8944 
89.71 
89.71 

8945 
8954 


MW 

8945 
89.72 
89.74 

8946 


8957 

8945 

8947 

8942 


Estimated Vote* 3525 0806) 

Piteous tbs's open teL 17520 (17,206) 


8944 

0931 

89.72 

8946 

8955 


FT-SZ IDO INDEX 

£25 per M tea petal 


One M* 
Dec. 24040 24080 
24530 — 

Estimated ncteu* 2826 (540 


Lon 

25850 


Pie*. 

24200 

24650 



Start 

tram 

7Drat 

■ate 

One 

Merab 

1! 

a* 

Moms 

One 

Year 

Strata* — 

9V7V 

9R-9ft 

9U-9V 


FWT1 


U 5. Dollar 

7A-7 1, 

7h-7h 

7V7*b 

Bfl-SA 

8V— 8*, 

9A-9A 

Caa. Dollar 

9*i-«4 

v*-ou 

9i-SU 

9*2- 9V 

10-9V 

10%-UHi 

D.CaOder 

5-4% 

5V-5 

54-5i 

5»-5A 

5B-5tt 

6-5V 

S-. Franc 

2— IV 

2-1V 

3A-» 

*%-4V 

4V4V 

4%-4V 

OMBefoBtak _ 

3V3*a 

JVMi 

4i-3H 

4V-4*s 

4%— 44, 

5A-4B 

Fr-Fraoc 

7*t-7h 

7B-7A 

7V7V 

84-81 

84,-8*. 

9V9>, 

Mates Lire 

uvw* 

11-10 

13V-101, 

12*1-11% 

12*2-12 

13-124, 

B. Fr. {RaJ 

6V6 

6V6*n 

VrVa 

6V-*% 

7>,-7 

7V74* 

B- Fr. (CoaJ „ 

6V-5V 

6V6 

VrVn 

6V-6*a 

7V-6V 

74*74, 





4V-4tt 


5V— 

D-IOww 

9i-Va 

«»-9> . 

9V-9V 

UPr-Ws 

10W0*a 

iov-io»2 

AteraSSfop 

■?g/l 


Kra&teH 

BA -94 

BhrOh 

9A-BB 



452MM5465 

22680-22710 

84.7745853595 

73890-73015 

2275533150 

128066-128235, 

11750* 

13068^131846 

0^6250-046350 

. 62304230 

43765-43830 

2604.75-262235 

2.4785-24835 

63555-63610 

24395-3-4450 

33720-3J8B0 

53415-55235 

4830-48.95 

6828548335 


2J580-27690 

1J615-13825 

5144204L9000 

43830-43850 

13880-14135 

78065-78075 

7L50- 

80230-80930 

0281854128195 

37.903880 

2346025470 

158780-159780 

L5105-L512D 

3.7500-3.7510 

2896528975 

28585-28625 

3252033615 

29.95-3085 

34725-34735 


Lsaatem EtunblMs: Tuo ye*x 9^9% per cent; fleet leas VVO 1 * per cent; tew yean UPr9% per 

emc flw jeas 10V10 per cent iNHriiaL Stervtn rales se tel hr US Oottesand JN*ne* Yeq; eteen, 

tnedwf Mfce. 

EXCHANGE CROSS RATES 


OCL 7 

£ 

1 

El 




f!Tl 

E9 

BX 

B Fr. 

£ 

L 

1641 

2.998 

2398 

9.973 

E] 

3373 

2162. 

2343 

6225 

S 

0609 

L 

1826 

1458 

6878 

Ed 

2855 

1317. 

1306’ 

wr/r.-ta 

DM 

ri 


L 

79 J3 

3327 


1325 

7213 

0715 

2077 

VEX 


uzM 

1254 

1000. 

4173 


1431 

9046. 

0967 

2605 

mrm 

1803 



299.7 

iflyl 

2-507 

3382 

2160. 

2349 

EJ1 

Wli-M 

0400 


>Kvl 

9588 

p.y. .1 

L 

1349 

8648 

0857 



0297 

0487 

El 

ESI 


0741 

1 

m 1 

El 

1846 


0463 

0.759 

rrl 



1356 

1560 

r~i 

fl'K.vl 

2079 

cs 

0467 

0366 

FI 

1115 

4854 

esi 

1574 

1009. 

i 

2985 

B Fr- 

1806 

2636 


383.9 

1682 

LIIJ 

5.418 

3473. 

3443 

100 


Ym par 1,000: Freute Ft per IOC lira per 1800: Befgteu Fr per 100. 




HU* 

Low 

Pra. 

Dec. 

9127 

9130 

9135 

9125 

raw. 

9093 

9095 

9039 

9089 


9069 

9070 

9054 

9065 

Sept. 

9050 

9046 

9036 

9045 ; 

Dec. 

9035 

9022 

9081 

9030 : 

Mra, 

90-21 

— 

— 

9036 ; 

Jura 

9088 

- 

- 

9083 | 


Esthrend votan* 17838 19689) 
Piteous (tap's open tat- 3Q494 00,475) 


OLS. TREASURY BONDS 8% 

SUQJMO SZuds ef 100% 


Ctot HU* Lu> 
Dec. 82-06 82-11 U42 

to. 8110 — — 

Estimated Vatame 8325 (78901 
Pitean day's open let. 62H (5,9371 


CURRENCY FUTURES 


81-12 

80-14 


P8UNO-S (FOREIGN EXCHANGE} 


Spot 

14410 


1-fotk. 

HIM 


14342 14284 


Uteh. 

LU20 


I MM ST ERURC Si per £ 


Dec. 


14350 

1 


Mtfi Lot* 
14370 14340 

14335 14300 

14230 - 


14270 

14215 

14150 


LN*%— STERLING CS/NO S per* 


Out MS In Pm 
Dec. 14339 - - 14278 

to. 64288 — — UW 

June 14250 — — 14187 

Estimated uofceue 0 CZJ 
Piteous fo*5 open 6* 361 0601 


MONEY MARKETS 


FT LONDON INTERBANK FIXING 


Very little change 


INTEREST RATES were a shade 
firmer at the longer end in Lon- 
don yesterday, following the rise 
in US prime rates to per cent 
and a small increase in West Ger- 
man rates. 

However, there was very little 
else to influence the market and 
with sterling being restrained 


circulation of £&0m. These were 
partly offret by Exchequer trans- 
actions which added £135m and 
banks’ balances brought forward ■ 
£75m above target 
The Bank of England gave no 
assistance in the morning but gave 
assistance in the afternoon of 
ffism through outright purchases 


0180 ul OcL 7) 3 months 08. doflars 

6 wraths U .5. dotes 

Hd 8A 1 altar 84 

bid 8>» | offer 8V 

The fixing rates are U* alltenetlc means, tratmted to the nearest oae-sfadeend), of the tu raid 
offered rates Ibr SlDm quoted In the grata to fhre ref erenca brads M 2180 Lra. eadb amridno drar- 
The banks are Natkawi WestraSmur Bate, Bate of Tokyn, Deobd* Bank, tone Natknafo da 
Paris and Horan Guaranty Trust. 

MONEY RATES 

• 


NEW YORK 

(Lunchtime) 


from any farther improvement of £25m of elaglble bank MUs in 


against the D-Mark, there were no 
immediate thoughts of higher 
rates in London. 

UK clearing bank Ime 
lending rate It per cent 
since Angnst 7 

A generally cloudy outlook 

accounted to a large extent for the 

rather poor retail interest and 
traders were awaiting the release 
of the next set of important econo- 
mic statistics before making any 
decisions. Three-month interbank 
money was quoted at ltHMWi per 
cent compared with 10£-10& per 
cent while three-month sterling; 
CDs moved up to UM-10 per cent 
from 10 A -912 per cent 


band 3 at 9% per cent and £27m in 
band 4 at SPA per cenL Late assist- 
ance came to £16Sm, making a 

total of £217®. 

In Frankfort the miwwmm 
accepted rate of discount rose to 
3.73 per cent from 3.65 per cent at 
Che Bundesbank’s latest Bale and 
repurchase facility. The increase 
was' much in line with expecta- 
tions since the minimum tender 
rate had been increased to 3* per 
cent from 3.5 per cent when the 
proposed injection of frmds badi 
been announced on Tuesday. i 

In addition Bundesbank offi- 
cials had already made it clear 
that they were prepared to take 
pre-emptive action to head off any 
potential inflationary pressure by 


Utah 

FcdfuhaidEnailH _ 7£ 



OrauCMh _ 

TwMiny BHs and Bondt 

— fM 

IVnemte — 


raw year. 

9-lS 











7£ 

faejtra ■ — 

889 

30 ter 

— 9J3 


October 7 

Omrntght 

Ora 

Month 

Tm 

Months 

Three 

Mantas 

51a 

Meota 

Lombard 

tatanunUon 



390485 

590485 

445460 

453430 

58 


7 ^ a 

5S 

1CV-11V 

525 

7V-7V 

7V7% 

BWa 

tar8% 

Th 


3r)>i 


«% 



5‘rS's 

3.78125 

10VUV 

6V6*a 

— 

5A-5ft 

3.90625 

UVlft 

— 

— 

Tokyo 

Wlra 




LONDON MOM 

EY RATI 

ES 






Overnight interbank money- fai y ptn g a tight**- c on trol iff the 
opened at 9^-9% per cent and had recent rise in money supply 
slipped to 9 per cent by l unch ti me growth, 
before coming back to the *ter- A total of DM 73bn was allo- 
uoon to 11H per emit Late cated for the 28-day loan period 
balances were taken at 10 pen from applications worth DSC 


October 7 

Oaer- 

7 day. 


Three 

Six 

One 


flfOM 

BPtte 


Mentta 

MPbGH 

Year 

■ ■ ■ 

Ilf 

M 

9a-9a 

iov-ipi 

ioi-iov 

10U0A 

104-104 

104 

StotinacP*. - — 

LacMAutt'rfQrDepL 

9V 

¥ 

V 

10i*lOi 

104 

L«a4l0$*i1ty Barab — 




1W. 

m 

Wt 

DilCOWHnDito. •— 

9-8 

9b 

91s 

9b 



CrattawyPemAs 

9V 

«k-9k 

S 

•Jk 


Si 

Rmce Haase DepasMi ^ 

rare 

— 

& 


Mi 

Treasury BWslBuy) 

— 

— 

9a 

mm* 

rare 

Brads SRs (Bra) 

— 

— 

Utt 

7.70-785 

9} 

9% 

rem 

Ffa*Tr»*BifelB«t 

— 

— 

* 


98M80 
7hih 
7V7b . 

SOfl Utthert Deposits 

ECU LMed Oeposhs 

— 


bhVa 

7-« 


TVt 

m-7& 


« nL ' oao*.., >rhi R enlaces a matnrtnv, Treasury BBk bell); noe-moMfc 9B Mf bn« ftw y uUa 9fl per cent; Bates BtHsl 

The Bart. of Ewtariteta. ^ wii'ch^Mned 

shortage of around£350m with allowing a net inflow of DM 2.4bn., %7?^pS3rM«icrpteBd0anber26tawowH»t*r24i987,Se i* i ii ei!iL42pA.scii<watn 
factors affecting the market. . _ . .. - , . 4 III: Uj*7 px. Retcrem rata for P«« Aupaa 29 to scpwmbw 30, 1967, Stamp iv: 


^Edtog the ■ repayment of late AfoSt^damthe Dutch 
asaistance and bub -maturing inf bank accepted bids of FI SJSbn a 
Official hands together wtth a take yesterday's seven-day special * 
un of Treasury bills draining, agreement at an u nch a nge d 
£4g8io and a rise in the note of &l per cent 


M219PJ- Local AnHwrfty and Financ e Hause s 
Monas Bax Rou> 
aodee 3i3b ser cmiL 

«■ mouttS pur««; tioMtaw topoomL- state* notelui 

HR* per cem; otae-12 mentte 18H per cmaj Under £100800 8 pi 
0&Klt5 mdriram ft* cate 5 per cent. 


■ per cent from September 15, 


CHICAGO 


ILS. TREASURY BONDS (CRT) B% 

SMAON 32adt M U0% 


mm 






h n 


1 'iBvI 

|. .>*-1 



■ '*'al 


i *1 





■rgj*. 1 








t/ Bi’l 




■Tntl 

WtB-a 







i/7> 1 










■7 -■.-1 


JAPANESE YEN (IMM) 

YlZ5n 5 per Y1D0 


— _ 75-25 


tLS. TREASURY BILLS (IMM) 

SI* rotate of 100% 



■m 





■TT 7 ! 


K ' 



-I l ■ 

[ I 





K 









«Tt7.1 










SWISS FRANC (IMM) 

SRr 125806 S m SFr 





















[t r.{ .(1 






i'"tj 












■Y^l 






|ii- . '•■-1 

pL '-Vtl 





FttTTl 














ITii'ii 

I'Vr/VB 




II II M 




■T^l 












K, l 

E *\ J »1 


iV/.l 


■ ,■!. ■-% 








^TTii 

B . >1l r | 

Ki^’l 



it'll 


K L .TiJ 



- 1 



E^tiL I 


•-ta'i 1 '" i 


■ A'l 




LU ! T1"?W 





Dec 

Mar. 


1 MM 

04617 

06680 

04750 


Mob 

04626 

06692 

04760 


I1M.M 04590 

04660 04662 

- 04716 


Latest MtW Lm Pick 
S epL 31001 31938 337.47 319.90 

Dec. 31935 32100 318.75 32330 

Afar. 3EU5 32 *30 322.40 32740 

Jm 327.40 327.90 32610 33180 



Rustenburg Platinum Holdings 
Limited 

(“RP BT) 

Registration No. 05/22452/06 

Lebowa Platinum Mines Limited 

{‘•LEBOWA PLATS”) 

Formerly Atok Platinum Mines (Proprietary) Limited 
Registration No. 63/06144/06 

( Both companies incorporated in the Republic of South Africa) 

Proposed rights offer of shares in Lebowa Plats to its 
members and a renunciation by KPH to members of 
RPH, Lebowa Development Corporation Limited 
(“LDC”) and Nationals of Lebowa 

Further la the i m mi m e em ept aa l October 1887 Lcfewwa Plate a nno N i *r«* 
that lha JahABnesborg Stock Exchange (“JST9 has granted m listing far 
the remunceaMe (nil paid) letters of allocation (“tettere”) pursuant to 
the rights affer to members of RFB (other than Omm members whose 
addresses, as recorded In BPtrs share register, are within the United 
States of America or Cana da) of 68 886 237 ordinary shares In Lebowa 
Plats on the basis of 55 sham An- every 108 shares held to RPH. These 
letters will be listed from Monday 19 October 1587 to Wednesday 11 
November 1887. A listing has also been granted by the JSE with effect 
from Thursday 12 November 1887 far 88 157 797 ordinary shares of one 
cent each In Lebowa Plata. 

An application to list the shares (nil paid) and the shares (tally paid) of 
one cent each is being made to the Council of The Stock K«-h»ng «, 
London (“SEL”). 

The timetable for the Hating of Lebowa Plata as approved by flu JSE and 
tar which application tar approval hi being made to the SEL, is as 
fallows: 

Record date for the lights oflfcr— tout 
day for BPS shareholders to register 
for the offer— close of business on 
Listing ef the renounceable (nil paid) 
letters of allocation commences on 
the JSE 

Listing of the Lebowa Plata shares 
(nil paid) OB the SEL iwmmtieaa 
Offer opens In Johannesburg and 
litmdim at G9U8. 

Last day tar dealing in let te rs of 
allocation on the JSE 
Last day for spatting tollers ofaHoca- 
tien 

—In Lends* by 15b88 (shares (nU 
paid)) 

—to Johannesburg by 14U0 
Listing of the shares of Lebowa Plats 
c ommen c es on the JSE 
Last day of listing of the Lebowa Plate 
shares toll paid) on the SEL 
Bights offer closes— last day tar 
acceptances and payments to be mad e 
by I4h30 to Johannesburg and 15fa00 
In London 

Listing ef the shares In Lebowa Plats 
(tally paid) commences en the SEL 
Last day for late postal acceptances to 
Joha nn esburg only by 14b38 
Lebowa Plats share certificates 
posted an or before 
All times given are Heal times In toe 
United Kingdom, at appropriate. 

The Lebowa Plata offer circular will inetode the renennceaMo (nil paid) 
tetters of allocation and the Lobova Plata prospectus which will be 
posted to members of KPH by Friday S3 OctaberUtoT. 

7 October 1987 


Friday 


Monday 

Monday 

Friday 


Wednesday U November 1987 


18 October 1887 


19 October 1987 
19 October 1887 
S3 October 1867 


Wednesday 

Thursday 


11 November 1987 

12 November 1987 


Thursday 12 November 1887 


Friday 


Friday 


13 November 1987 


13 November 1487 
18 November 1887 


Wednesday 18 November 1887 


20 November 1*87 
of Sooth Africa rad the 


Shearson Lehman Brothers 
Holdings Inc. 

(InmipoMterfoiDibntac) 

U.S. $300,000,000 

Floating Rate Notes Due October 1996 

For the three months 
8th October, 1987 to 8th January, 1988 
the Notes will carry an interest rate of 8.50625 per 
cent, per annum and interest payable on the 
relevant interest payment date 8th January, 1988 will 
amount to U.S. $217.38 per U.S. $10,000 Note. 

By Morgan Guaranty Trust Company of New York, London 
Agent Bank • 


TECHNICAL ANALYSIS 

On your OWN COMPUTER with the 
INDEXIA Research MARKET ANALYSER 

fefUHtl P ( hi 181ft fl? - 1? W H? 


NOW IN FULL COLOUR 
VGA ON IBM PS 2 



• BAR CHARTS • POINT AND FIGURE - 11 LINE CHARTS 

• VARIABLE MOVING AVERAGES • ZOOM • 
AUTOMATIC/MANUAL DATA CAPTURE • DATA BANK 
SCANNER • UNATTENDED CHART PRINTING • 

INTERFACE WITH LOTUS 1-2-3 • PORTFOLIO 5LANAGEM ENT 
FOR A COMPREHENSIVE FACT KIT TELEPHONE [0902) ZZOMfl 

Rowco ImmmenU ■ IS Rivmnouuj Wtilon-co-Thincs Sum-/ KT: ' JPR 


Contracts and Tenders 


HELLENIC 

INDUSTRIAL DEVELOPMENT BANK S.A. 

SALE OF SHIPYARDS IN GREECE 

The HELLENIC INDUSTRIAL DEVELOPMENT BANK S.A. (ETSA 
SJU Invites tenders for a highest-bid competition In sealed bids for the sale or 
otherwise utilization of the KALKIS SHIPYARDS located in the area of 
Halids. 

Whereas, ETBA Is interested in the best possible productive utilization of 
the above complex, It wishes that the anticipated utilization of the complex tie 
described In the bids and may refer to the re-operation of the Shipyards or to 
other alternative solutions or even lo a combination thereof. j 

On the other hand, the bids may refer to part of the complex, provided ■ 
that In ETBA's Judgement, a better utilization of the whde may be thus { 
achieved. • 

Bids will be accepted until Monday, 26 October 1937 at ET5A's Head , 
Office, General Operations and Fixed Assets Management Division — Fi^«G ] 
Assets SiAdlvision-^Alhens, Amerlkis 6, 4th floor. 

Further Information and terms of competition may be obtained at the 
above office, Tel. 3237.981 or 3237381 Extns. 423, 426, 549. 


Art Galleries 


Clubs 


me PARK UK ANTKNIES FAIR. PvH U>* 
Hate, PtateRIV. London, WL 01-499 632L 7- 


EK tad auUlwtl ihr naerj mumt/ a policy el 
fair pin, ana value lor noncy. Suppci Iran 1J- 
3J0 am. Sisco and rag mulun, ekimoraa 
hwtcnA eioihw lloonaow-,, 1£9, Rwn El. 
WL 01 - 734 0557. 


LG. INDEX LTD, 9-1Z GROSVENOR GARDENS, LONDON SW1W OBD 

T«fc 01-828 7233/5699 Reuters Code: IG1N. IGIO 


FT 30 FTSE 100 WALL STREET 

Oct 1865/71 4-9 Oct 2374/81 +8 Oct 2542*0 -9 

Dec 1888/95 +8 I Dec 2404/11 +7 I Dec 2558/65 -2 

Dealing boon from 9am to 9pm. ftiees taken at 5pm. 


BELGIUM COLRUYT 

FT) FINANCIAL 

LLI 1986-87 


1. Composition of the Colruyt Group 


TheCoiruyt Group consists of the 
parent company. Etn. Fr. Colruyt 
N.V. which with its subsidiaries 
and subsubstfanes forms the Col- 
ruyt Distribution Sector -. the Dol- 
men Computer AppEcanons Sector 
and the Druco Sector (graphics). 


Colruyt Distribution (i 05 discount- I' 
stores and 23 8 billion turnover) >s I; 
the third larges: chain of siores on 
the Belgian food market DOLMEN t 
Compuier Applications is one of F 
Belgian's major companies in Hie ft 
field of computerization. P 


2. Key data - Rnancial Infonnation 

hem Ot Oi yi tc 3' 0? ?7 

Turnover (VAT included) 

2J.735 million 

Turnover growth 

+ 1 83 o-o 

Profils after taxes 

264 million 

Cash Sow 

1 202 million 

Cash flow as a percentage of turnover 

M 85 ? a 

No of people employed 

2.905 

Guarantee capital 

-.587 million 


Eta Fr. Colruyt N.V. dividend 
Ordinary shares 

A.F.V. shares 
(tax benefit shared) 


Gross F 150 
Nei F n2 50 
Gross F 275 
Met F21SJ0 


The cfvidend wit be pad as from 29.09 87 upon presentaion ol coupon 
No 11 at the financial institutions. 


The Colruyt Group dosed the 
financial year 1986/87 on March 
31 . 1 987 with a consolidated profit 
of 284 million and a cash flow of 
1.202 million. The sale of fixed 
assets slowed the group to regster 
an important and extraordinary 
profit level. Results bear out 
forecasts drawn up at the end of 
the previous financial year. 


During me financial year 1 9S5 6? 

tne Ccfruyi Group regisiered a turn- 
over ol 24 7 billion. VAT included 
but excluding miergroup trans- 
actions This represents a turnover 
growth ol 1 .84 ‘’o in relation to the 
pi evi dus year The aggregate sales 
figure, vuth inter group transactions 
amounted to 27 5 billion VAT 
included. 


A copy d the Annud Report 1986/87 (English verson) can be ob- 
taned by returning this coupon to: 

Etn. Fr. Cobuyt N.V., Attn. Mrs. E. Neel. 

Edingensesteenweg 196. B-1500 Halle. Belgium. 


Name: ... 

Address: 


i 
















































































WORLD MARKETS 


2T ' Financial Times Thursday October 8 1987 


FT UNIT TRUST INFORMATION SERVICE 


FT-ACTUARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co., and Wood Mackenzie & Go. 
Ltd., in conjunction with the Institute of Actuaries and the Facility of Actuaries • 


1-236 42U 

"IS 


NATIONAL AND 
REGIONAL MARKETS 

Figures in parentheses 
stow number gf stodts 
pw grouping 


WEDNESDAY OCTOBER 7 1987 


TUESDAY OCTOBER 6 1987 


DOLLAR INDEX 


IS 


S2TS& 




m 


Xtaiumrt SaRtagtaa L U<s 
10 Hcndarth Sum* uwkn ECS 

5151 DeNKn48 0tK 


8£2&s 


^ 3 

S3 

ss 

0» 

225 

a.?* 


The World Index (Z424J 


Base mfaes: Dec 31, 1986 = 100 

Coppltfit, The Fluooal Ttaies. GofcSiwm, Sadis & Co. Wood HacMM A Co. Ltd. 1967 


1.99 136J28 


ARM Busbar But Inn PLC (iXSI 
AIM Date Cetn SwtaM SQ 1EL 
(0793)28271. Oofca WTO) 610366 


EUROPEAN OPTIONS EXCHANGE 


BASE LENDING RATES 


SILVER C 
SILVER C 
SILVER C 


Hot 57 

”357 LajT 

3 23 

144 12 

'4 3-70 

17 L6Q 
29 0.80 

6 ZiO 

16 930 

Dec 07 
6 I 80 
9 26 


Fet. 98 

Vot law" 

3 3550 

2 22104 

6 1550 

133 950A 

275 14 

Mata 08 


08 

VoL Lak~~ Stodc 
— — S4S830 

9 36 

5 24.50 

37 18 


June 68 


0c 

1 21 ! 

L_ I 

L 07 

1 L2D 1 

246 

»T47 

230 

1 1 ~~ 1 

Dec. 87 

1 160 l 200 ~T 

- - 

8 

0.90 

42 

L20 

- — 



27 

150 

32 

1 

13 

ZAO 

31 

3.40 

1 5 1 4 *° 1 

Mar. 08 

j am 88 

1 - 1 - 1 
Sep. 88 


MNBMk 10 

Mtai iCfcJWr ID 

MUtatBkUf 10 

«MDMi>*tC>.l_ 10 

AEtdlriABa* 10 

Aatrieap Q p.flfc 10 

AonBa* 10 

HeerrAatatar 10 

MI forties Group 10 

AaKteCapCorp 10 

Artority&CoLU 10 

SaaodtlBRM 10 

taMthfrti 10 

BakLtatidJD 10 

fort CrtNt A Cobh M 

BakdCfins 10 

Bafctflrttod 10 

Mkta 10 


ABN C 
ABN P 
AEGON C 
AEGON P 
AHOLD C 
AHOU) P 
AHOLD C 
AHOLD P 
AKZ0 C 
A KZ0 P 
AUEV C 
AMD! P 
AMRQ C 
AMMO P 
ELSEVIER C 
ELSEVIER P 

Gisi-esoc. c 

CIST-BR0C. P 
HEINEKEN C 
HEINCKEN P 
H0OG0VENS C 
HOOGOVENS P 
KLM C 
KLM P 
NEOLLOYD C 
NE0LL0VD P 
NAT.NED. C 
NAT NED P 
PHILIPS C 
PHILIPS P 
ROYAL DUTCH C 
ROYAL DUTCH P 
RObECO C 
ROBECO P 
UNILEVER C 
UN. LEVER P 


TOTAL VOLUME IN CONTRACTS: 51.037 
A = Ask E = Bid C=Can P = Pui 


1 Oct 87 

Is 

>.es 


— 

— 

531 

130 

18 

2508 

1295, 

4.40 

784 

430 

15 

4.90A 

7 

030 

69 

450 



4 

0A0 

47 

350 

12 

5 

124 

260 







74 

050 

62 

3.40 




56 

260 







45 

OHO 









939 

430 

483 

1230 

134 

17 

400 

620 

279 

12 

9 

13 

8 

050 

101 

320 

152 

4.70 

33 

130 

82 

320 

9 

42QA 

3 

010 

16B 

3.40 

128 

550 

253 

3-50A 

35 

5.40 

UO 

6 

225 

2508 




-w. 


263 

2 

135 

4.40 

1 

650 

40 

030 

208 

230 

16 

3.70 

— 

— 

115 

060 



5 

050 

42 

6 





133 

V20 

57 

5 

5 

8 

66 

230 

16 

4.70 



128 

030 

268 

240 

38 

350 

507 

050 

340 

290 

U 

4.70 

446 

2.70 

460 

460 

130 

550 

_• 



90 

105QA 




47 

Z-40A 

31 

tl nn 





77 

030 

462 

3 

a 

450 

60 

050 

2S1 

230 

54 

430 

731 

030 

701 

210 

184 

350 

199 

2.90 

472 

410 

40 

520 

1342 

030 

433 

10 

43 

1550 

410 

L70 

222 

7 

19 

950 

3 

1120 






8 

619 

030 

060 

10 

193 

250 

12 

209 

4 

10 

279 

0.70 

37 

3.70 




BaddHTnetlM 11 


BrfwMAG- 

BritBkgfMHEa. 

' BnJwSWfcr 

SrasIftvTiL- 

CLbsklMdsM- 


OyHerekMsM 10 

CUdestieU 20 

Cana BLR. Eat 10 

tenUadGred 10 

CHpnfcbt *10 

C0nP«dvBi-__ 10 

DMOiLaMfc ID 

EWMVI TitCppIt 10 

ExeHrTistUd. UP, 

tadri&GetSK 10 

BntM.Fit.top 11 

FxsRaLSetlM 11 

) lUertRotajlCo 10 

ttcrtFmrtP»i__ 11 

0nMM 10 

MfeBok id 

HFCTnal&SMtagi 10 

> HadnBa* 10 

HerltaHeLGa.Tx._- 10 

< MfSod flD 

LHoan&Ca 10 

Ho^aqtStagk 10 

Undsbra 10 

MWniltalM 10 

KM&rt 10 

>K**flGiafca 10 

ltaHCMltop:UI_ 10 


NanridiGeaTfUl 10 

PXFKM(lin_ 10>z 

faMBTntUd U 

ILIbpM&Sai 10 

— life 

R*aiBkrfSalM 10 

HoiaJ Tm&rt 10 

5Rtt6\ntaSea_ 10 
9taMBnd U 

Sltortwebp— pll 

IHMBkaltod 10 

UMeriifeHiB* 10 

IMgrTndPU 10 

NeRnTiM 10 

WeWKBM.CoM — 10 
mtaMtUtf* life 

YaMft lM 10 


• IMn s I the Accorth* 
Haases Comkm. *7-<sam 
deposNs 5%. Sewwtae 746%. 
Tbp Use BMP | ,1 t mmiil' 
■Mica 951%. At au Men 
£10000+ ranshs nrpwHtd. 
1 Mortgage Me rate. iDenani 
dgwnl 4.98% UarejejE 
11025% 


$ 8 

** -j J> 

d it 

A is 

-J s 
£3 Si 
■W i E 


FT CROSSWORD PUZZLE No 6,450 


Central American Bank for 
Economic Integration 
(CABEI) 

U.S. $20,000,000 

Floating Rate Serial Notes due 1994 
For the six months 
9th October, 1987 to 11th April, 1988 

In accordance with the provisions of the Notes, notice 
is hereby given that tha rate of interest has 
been fixed at 9 V, per cent, per annum, and that the 
interest payable on the relevant interest payment date, 

13 th April, 1988 against Coupon No. 18 will be 
U.S. S247.18. 

The Industrial Bank of Japan, Limited 
s. Agent Bank > 


1297233. 

.-dig 

UBlflS 

~A & 


1226 6066 

-ns 


nwi 

aflo 

__ ooo 

126 

— ]H 

060 

S50 

_ an 


1374 68BT 

^ sS 


1-534 5344 

U & 


i 


-as as 

-0J 7.92 
.... 4M 

J. n m 

-D ua 


n-60j)7595 


ffl 








- J -X 


ACROSS 

1 Back in a jiffy (6) 

4 Periodica] survey of the past 
16 1 

8 High in graceful elegance 
but low in cunning (7) 

9 I reel up. drunk and childish 
17) 

11 French writer’s pseudonym 
(3.2.5) 

12 Mark comes back to school 

(4l 

13 Display of no interest? (5) 

14 Man. for example, follows 
man in English city (8) 

16 Fear of redundancy drove 
them to breaking point (8) 

18 Hack to pieces wandering, 
herds (Si i 

20 Is entertained by current 
record i4) 

21 Ploughed a mowed; estate for 
pasture (6.4) 

23 Piped music (7) 

24 Attack by a saint about one 
who became one (71 

25 Part of an Elgar composi- 
tion— in D Minor? (6) 

26 Dike a bird’s behind (6) 

DOWN 

1 Midnight oils put out in Irish 
county i5’ 

2 Alec brought, up to assume 
it’s porcelain (7) 

3 A fresh run on the daily? 

presses (9) ■ 


5 Give out centre part of texr 
due for revision (5> 

B Airs composed by priest it 
Hebrew, perhaps (7) 

7 Canned— as sardines are (4 
5) 

IB A foolish assumption of th< 
old school VL3) 

13 Learning about Rugby Unioi 
issue (9> 

15 Presses on to obtain answer 
(9) 

17 Edward lifts small firm wit] 
spirit and dignity (7) 

19 Hire again, free (7) 

21 Port where mother embrace; 

Bill with love (51 , 

22 Yarn spun by New York anc 
half London (5) 

Solution to Puzzle No 6,449 


aBaoHJaaoaataaQB 
a ana a a □ n 
srcuaaa dsaaoBaiiE 
a a s. a m a a a 
aaacDaas ansmtnas 
an a n m. 
alaaHta aaamasaaa 
D'-iu m a - a □ 
smamaciHas onaaa 
b * a v a •->- a' . 0 : ' 
aaaaaaa : -□asaunu 
a ra” □ n 0 n q nj 
n00Q0DBHa nonna 
a h a 3 n 0 a a| 
asaamnmaamaaaa 


Standard ^ Chartered 


Standard Chartered PLC 

iMwpaaicowsnimraoaabiNynCngms 

US$400,000,000 Undated Primary Capital 
Floating Rate Notes 

In accordance with the provisions of the Notes, 
notice is hereby given that for the Interest Determin- 
ation period from 8th October, 1987 to 9th November, 
1987 the Notes will carry interest at the rate of 8^e 
per cent per annum. 

Interest accrued to 9th November, 1987 and payable 
on 8th January 1988 will amount to US$77.22 per 
US$10,000 Note and US$77222 per US$100,000 
Note. 

Standard Chartered Merchant Bank Limited 

Agent Bank 


•iM ua 

+LS tUD 
■23 070 

-53 OB6 

■aA ls» 

♦ 0.9 u» 


273°^ 


Company Notices 


InterrWlorKtl DepOStUry Pmemlpta m **- 
tenting slum Par Value S2JHJ Common 
Slock J. P. Morgan and Company 
Incor p or a t e d 

A cadi attribution of 5934 per Deposit- 1 
ary than will be payable on or after The 
22 October 1987 upon pr e se n t ati on of 
Coupon No. 70 at: , 

II organ Guamty Trust Co mpan y 
of New York 
90 West Broadway 
(Corporate Trust Department! 

New York 
35 Avenue del Arts 
Brussels 
Morgan House 
1 Angel Court 
London 

at the designed rate less applicable taxes. 
Tilts dtatrBwtien is In respect of the regu- 
lar quarterly dividend payable on the 
cornimn shares P.V. 5230 J. p. Morgan 
and Company Incorporated on IS October 


CANADIAN PACIFIC LIMITED 
(Incorporated in Canada} ' 

ONTARIO & QUEBEC RAILWAY 
COMPANY 

5% DEBENTURE STOCK 
6% COMMON STOCK 

In pnpntloa for the payment of the 
half-yearly Interest payable on Decetnbar 
1 next, the Debenture Stock Transfer 
Books will be closed at 330 pa. on 
Noscndxr 2 aod will be mipesed on 
December Z 

TM half-yearly Interest os the Com- 
mon Stock will be paid on Dec e mber 1 to 
Holden of ream] on November X. 

D. R. KEAST 
Dtputy Secretary 

SouttaMa, 

105 Victoria Street, 

London, SW1E 6QT, 

October 8 1987. 


9-17 FVnyiWM RA HVnrW 


& Co Ltd UXe) 

LmswarWHtk 0444 


■ad oqd 
-Lfl SM 
.Zl aoe 
— J ain 












































































































































Financial Titr.es Thursday October $ 1987 



sssa&s* I gg: 




























































































304.71 1 — 

JY 3 U 53 ns) __J — 

Futas Securities I hw i ww t Ltd 
PO (kn «H 7 . (M Cvm, BWI 
Ludn * 9010 : OWEN 3015 , , 

BSE=^H 1 

Ha 3 = 

Foreign A Cntentel Man agwwt Ltd 
1 Lureacr Pourearv Hit. Lotxxm EC 4 , 01-6234680 
facummSwiso— J s»j# I — 

fSasssssEl gift hsg = 

F*C V Am M»| CoOatH] S 1 DJ* I -uq — 

F&COnraafbtn: 


29-31 Me Street. I 

ia r — - 

(Prom*. ..— 

uSXBttfcSulJlZ 
USSFhtdMeaea— 
nilWM 

U 3 S Pacific 


wtelotL 

ouaz ana 

£ojob au< 
wioo aioe 
aum fuas 
Runs auK> 
s urn oans 



.St hater. Jeraey C 5 S 45 


F-Caw 

C-UU 9 CTB- 

Mn«c»ta>. 
C -Swim tea* _ 
F 4 MIM — 
c-ywaoao 

«-JS Eftim 


7 J» 
-Offl 700 
►ora 9oo 
■ooq aoo 

-055 750 
►OOT 950 
■ 3*3 553 
- 3 j «50 
-ora 700 
-aoy 9 oo 
■ara too 

4 150 
-<U 5 l 550 
-OM 700 


1 -IIIICoaM C 353 -aow 900 

H-UScOalA— _ lM*b -Ora 703 

iKWmEiabtl flW 73 150 

04 i«dEae<M» «M« 550 

:<n J til n -ora 700 

Formosa Fond 

CIO Horn Court AsU Lot Hera Use, 314-325 High 
Waffldm WC 1 01*00 COM _ 

KAV NTG 467 HHW USS 48081 
FruaUngtoa Dimm Fond Mngt. Ltd 
V) 8 o. 255 . 10 - 20 . PtfkvGurturr 0401-710651 

Fb£iEf«TlM> ]Q 29 * UbtJ . - = 

■nmA-SnaniiTWi. EOOZo 6 B«| 108 


■Kina&VoalbiTWi.; V}Sta OOM| ■ .. 108 
MMMPsniM — U 15002 ami *0000 — 

Frankfurt Trust Investment— BrahH 
Wlewiuu I. D-bODO FrMdart _ 

rr.i«msi — D 4 M 439 euti —| — 

FiWHfL [Hm. Fa. 1 EM 15053 ISMS _. J — 

TT* French Prestige Fond 

20 aonnsrs Cnrunrt Semis. Luc ,01035221402 

WAV 3 a 2 -j SUSB t 

Cau^aw "- 111 U FFT 9615 l .-.J — 

Frobisher Food UaHed 

PQ 9 o» HH 1735 . rtjnrtoa Bermuda 809 29 S 7447 

MV Sew 24 — »I655 SOB t — 

GT Investment Mnsnmt Co SA 

2 BotttvM RCML Inw Mi W 

T»i. lor-spr events: 01-293 2575 

C 7 uiniiaie *n®l- t— -* — 1 — 

GT (Swage mart (UK) Ltd 

Bti FiAnr, 6 Cwmndure Sq, London EC 7 M 4 YJ 

In- 01-383 2575 Tele*: 886100 

Lta-ur &qtrc\ tr. , . 

/wa &*■ taw'd P>M IWrf -C 01 | U -17 

Sara ir.fr I II K 168 21091 — 

O'iiKSu— wfati!— £821 — 

0 TiK*-H. Smui — sJfcOi DaZ 

CTCojPj'.- SUM *?13 0 J 4 

GTiuMUtmn: raw * 41 g “|1 

iTtwiairesi' gj.g rS-jj 

6 ' ftr, J**n‘#lAl_ E 7*5 *2 *9 S« 

07 B, — -hw n ‘ 14-?9 * 0 JJ 1 051 


Health 2000 Limited 

WriUapM Hie. Ufflen 5 V 9 HsUsr, Jtraey 

HMmaooo -J u*n I . 

Hattcrnp ScMHteavfM Fend Ltd 
lymttU Hrtr, Dob*el IoM U 

s c wit iwsctaSUirta inB * 

HeadenM Admta. ( G u e r ns ey) 

PO Box 255 , 10-21 
ORFuM- 
Mnlfis 

BUHCM 1 Ganns Min 
c v»»TCCaqilPnfto 
SrttmkBSPrdw 
lac A CauS 

ftrgh 

Hrademm HMaRMnat SA 


U 242 MM 
+ 3 Ji 20 


0481 710651 

WOO 

u» 

030 

Ub 

030 

152 

_JUi 42 


Lloyds ML Money MMot Fond Ltd 
ra Bn 136 , St Pner pvt CMfmey 048124410 

AamSjnMtv 1 U 40 U 4 40080 1042 

Ptm rawi a . . . J dmm «u +fijm aoi 

EClfl , - — 1 togSHS -aOJILb 5 J 8 

FnacbTraaci— J FFrlOUSS * 013 1 654 

Jopanrv Yra -J 72547300 * 13 M 33 & 

NnZabMMbr_J WS 41135 -MU 37 167 B 

StwbagOxn — □ (34991 -KUOS 9 J* 

SatnFrK- J SFrSUOZ *OJH 3 114 

tgOnnrCCB- . 1 S 26532 MUM 652 

Ned nm ^ Ooater 14 

London Infentate Rod Mon o anrs Ltd 

PO Bo* 86 , Si Peiert Port, G no ro iiS j W Bl 265 Z 1 

tShranlwSli — luu SO* «S — 

MFM Ltd. 

24 BdPoeKClnrMle.llC 48000 UamoB 4350 1055 
UwtaaHi lanDoafi FlJlfi-K llLOB — j — 

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YgaClnal £a Fd 310.94 11 

YnledEiiFd — IHL 5 S 12 

Warhmg i« Magnt (Isle of Man) Ltd 

1 Thomas Street, Oaogte, Ideal IIm. . 0624,23456 

HenMMFuadZ JUSi 132 .il D.ll 3.7 

Hare lad Brt-_ __l 49 J 52*1 -OJ 75 


01-2484000 
4.711 Mlk 
7 J 2 Mfh 
3571 IM 


* PO Bm 190. 51 Hener, Jersey. 
miadHAVj 31*50 f 


Mterdley Fund H» 
HK BE. BUg,Greoa 8 le 

ESSsSZ. 

HbriHer Pn* Cap Td 
Wirrfiey lir EWiy To 
RMinIMn. 
VfanSey GtabaJ 
MrirrinM Eadu 
CaaMaEedir 
EwamEHU. 
HmglungEipdq 



— WNb aflaa from LU 07 dare nU be tuqyderikigMblltar 


nwriTecMt 
Sltaf PonMIvt 

U&rinaaclallnl. —12033 

JUtaSwcrea«FMZJia 5 

MIR BHtaabp Fm* Iti l jen 

surra mu Iran 

HHIIM 8 MI 
AmrGrMbdag 
ApoftFmdSep: 

JaaCraMtiTnSn 29 _,_ , . 

mpawNttraNt ...,^ 1 S 7 J 4 P 5 P * 897 ) — 

"Weekly DuReg. TOaBy DuDng. tMnnMr ftritaF 

Wnenb, Gfc Res. Skrt. Fd. taC. 

PO Bat J 94 , Si Hritar, Jennr _ 053476077 

Hml Dal JSUJu 16 £ 7 nd 1 UT 

McdfrCnmacy Bond Portfofa 

2 HaaUraad BmaL Lincmanm 

KftVoai— sura I — 1 — 

Murray, in tent p ub (lot. Advfaar) 


041 - 2^9252 


oanc 

0 CIRLAS 

ocun.cs 

DCIRLDF)__ 

OCin.D«y_ 

OCIHLM 

OCIRL ECU — 
rciRLBFr — 

OcrRLFTV 

OCIRL HKS 

OUBLLbt 

OCIRL ES 

OP KL SP- 
OOR! U 55 — 
OCIRL Yea 

OCIRL Ua £ — 

OCIRL Uaa OH 
OCIRL Hu 5 _ 

OCCFLE 

OCCTLAS 

OCCFLCS — 

WXFZ.W 7 

OCCFL DKr 

OCCFLDM 

OCCFL ECU— - 
OCCFL OFr — 

sst&- 

OKFkM 1 —* 

OWL Yea — 
OCCFL Mm C— 


21356 * 8 * 1 b| 8.44 

23*09 *OiiaJ 9.91 

5 LB 50 «£L 0 g 7 B 7 

61 A 30 *533 *33 

205373 + 0356 ) 7 fib 

bOJDO +OD 19 ) 2 ill 

17 380 * 0 mfl 5.41 

U 7 LM * 0 . 7 : 630 

217495 * 037 ! **1 

1205401 — J. 4 S 

60673 *T 5 10.90 

77*616 * 00 a 256 

55*959 -riLDUe 2 D 9 

jm *ara tsi 

VMM +U Z» 




OJbMiSn^-oowa oa 
1 B 5627 I KJ 3 M 7 *fl*»b 601 

ias” 5 -S 

15344 48*17 4*7 

20*59 * 8*11 7.46 

saw Mun » 

ISUM *0335 8*0 

< 0.485 + 0*11 2 St 

15 JM -Hunt 6ft 

Bam *a« 52 * 

KO *45 *0071 617 

1 D 1 W 7 — . TJX 

MB ♦J! 1256 

302562 + 8 O 0 TP 2 M 

302417 * 800 U L 48 

UM *8101 636 


HCL Britanh lat Am Ud 

CcUish Hi*, PM Erio InM 0624 833343 

SUtfltfl Dapodl 1163 1»3 -.J — 

pertgllwbriiacy. 1085 1367 -83 - 

SRI 1117 1 03 ■Ml — 

UKHangH— ITS* 1 BK 7 - 0*1 — 

InUMJalBM- 15 L 7 163 ! + 0*1 — 

SAIFUtU) 1366 142 J _..J — 

E ipialali Boas — 12 Sa 3325 — J — 

EBNHrayBOeftr U 2.4 1 ZU - J — 

EON MmaeidSuritBgJlOh* 114.91 J — 


0534775 = 
•am) 474 
+«W 13*3 
I-J 6*3 


StarUo Uamoed Gndb 

DoAetin 

DBftarNiadrtGnalk 


IU« *31 
WJfl — 
10831 -. 


+*fl - 

*84 — 

* 0.7 — 

+LC — 


MM Iikmw A Gwth Fd 

2 Barieurd RaMl, LmanBowg 
Og 7 -, .... — I SZL 34 


OCCFL Yaa JM 529 +L 1 S 2 . 9 = 

own. km tZZ 1 nu «7 uwul *«w 3 B 56 

Daly Deawgt 

BDHacUd Asstndh Asset Hgmt Ltd 
17 BrtoM a. Srtray 2000 , Atanta . . 
FrataiWrlAHLEA— IM 3 J 7 3 «l M 

Rayil Baak al Cnadi Fuads 

RBC OHihaea Paad ■Smagan Lid 

P 0 Sm= 46 SfPuirPailb*m 4 y 048123021 

lad Hem H __)J 1272 13 J 7 ) 616 

ladCrtNFiZZ^JMiaa «g ..- - 

Nona ireoto FP 13 S 3 14 JB «.» — 

FreE*rt«Pbmt«ZjJ£» _ - 

Canto FH 1 14 m 16541 — 

SBB MB Camaietat Fd Ltd 

USS — I JB 54 * 0*1 — 

Cb ta d iHS— I 3*67 * 0*1 — 

CSrtHS 15 J 5 * 8*1 - 

P-Uaib UOO ... — 

SwuFriaa — J * 5*9 .... — 

JartetaYea — 7421 *1 - 

ll i a n «1 Faro- ) 3*86 *aw - . 

7 *i used >*C taeNR are auanx 24 am 1 day w 1 

Ml 71 U 9 V 


StrtRmeaar Kwg Gee HngaiL, Jersey 

lCrttaeCiUK,StHaOw,Jar(by , 0534 73741 
SfCCCwkriFiod— 1 * 30*0 649*4 - 

a ?r.s^ aB 3^ 

5 eo 8 l tettrnatwaal Trust 
Firt Hmi Una lomri Trmt Ca LM 
LMMkn RmtHiufte Office: 

29 UbcJuLane, Lanka EC 3 l 01-6239833 

NAV Wan 19383 A 7 . IDS max USS 23.49612 

Stem lu tora rt ter l Fuad— SICAV 

i a. BaNunifl Bayzl, Lnantanra 
NAV 0 a 7 _ I SLUb 1 1 — 

Stager fi FriMuAr Ids. Ararfc 
2 XNenSi.BUirt 8 >ta, EC 2 M 4 HR 01-6233000 

:di& 

SkMdfhnd 

S 106 40 Suddntai 6791-3700 

lahrMIbMl IBC- JS 23 B 13*31 * 83 lJ — 

laanMirtite— — . H2« iSS * 83 * — 

IWontartFd 1687 -OjS — 

, AanaBmdFd 17 *? TJU - 0 -H — 

FarLnl -llLW LSI +88* - 

' Sodete Generate Merctant Baak ale 

W Geacednidi St toadM E£ 3 V OEt 01-6264621 
FTfSmmUuraSrtJFrMISUJI^ 

StsadanI Bzhk Fuad Ufauagen 

HKJer Park. Asad. SLSTM 

CeWFrt . 105 53*1 .— 4 t« 

| HnaMFnn U 83 138 .V -..J 4*0 

Ciwirara fe— _il 5 J 15*1 -J 17.40 

Standard C ha rtered Off. Money Hfct Fond 
■ POBm 122 . Sr Heller. Jeney 0534-74454 

Staring— 04*873 * 8 *Mm 851 

USS —— C 693 H *00142 bJS 

D-Hrt DWS 6 U 7 S -O.OD* 2 ft 

,SS^= S©MS ^ JS 

AotrHmS * 52331*3 riJOIM 421 

CMUIt CS 2 L 7521 *00131 7 71 

Eta — Ecu] 0.7813 rilOK 5*9 

WI R w nH --- DI 2 M a« + 003 b 12*1 

Staring naarnev .-..JU 41 g 3 T 1*43 76 0*158 1335 


53 X 26 34.92 

aim liofl 

530 Jb 3 X 771 
V 4326 «n 


TyndaG latenatloaal (Guernsey) Ltd 
Boreagh Hie, Sl Peter Pan, C mr a sey 0481,27963 

OKUraKAGrarti JLD 9 liti — 

High laemr £.730 67 U __ 122 

MtnaLSmt-Hb HUM IW - 

Vl f rw J CTJtiT OJSCBz -HLO* 

Tyndall laternBttaaai (Isle of Maa) Ltd 
KenstaBton Rd. OrngbL IdH. , 062424111 

HJ.eaiMdhrtltaV— JU 25 IMft -_flL 34 

tAccaa SataVS) HZ! 129 * 137 3 _J - 


agars (Jersey) Ltd 
51 Hefler , 0534 , 

LXObl *034 


tllQ 
SL 3*3 

51 DJ 2 H 

511.97 12 . 

SI 157 
510*1 


ISFR 4 558 *ail 

M*b 
S 9 . 7 ?H 




Tindafl Icternatiaiud (Jersey) Ltd 

Ckartes Kk, Dwriet St 5 i HeBer, Jeruy. 0534 3733 IA 

Ukranlan! ... 377.9 * 0 ti — 0 J 7 

Pretnca 2863 SCBDid _ 050 

FJrE**ni»_— , Sbb* Ubftd _ .. 020 

Emm— Z 74 J 2903 ns — ... IX» 

IrillwFrt JHJ& 2 J 28*5 „.J JM 

(I «*J.AixLWtU 

cw Fa 

iflccrn Sb aretf 
UaabrtCnrranvSilg 
UMiQUCnrewyMta 
PanMbSel Wnairtf. 

PwdafcUH nmwcaa 
PaHoM Grif tr EeSL. 

PantabB 5 H-£ip w i h J ZKtD 

M. G. Tyrrell & Go. Ltd 

3 W ignore Pkev, Lorefco, Wl 

oust i 6 i 5 i -J - 

USA liietMM PnrtfoSs 

2 Boulevard Royal, Lfcuotong 

nav onb I q 002 1 -ora — 

US Federal Sccaritka Faad SA 
2 B«hnwd RsfBl, L une inbcnrg Tel: 47911 
BAVOa* J 59.45 I 800 — 

US Padffc Stack Fond 
15 Aame Eerie Reuter, Lnenaouq 

NAV Oa 7 — — T 51 BAB I — 

U.S- Treasury Securities Fund Ltd 
PO Boa 48 , Si Prter Port, GLernm. , 048123021 

Sbret Yrera Sliarai— J 5 S 84 . 4 Z - 

Fnm inane SlureL_J 36 ta »39 I .... I - 

(JmcO Invest Fd Mgt C« 5 A Luc 
London A CoRtmeoU! Bankers Lid 
2 Tnreomanwi Aw, Lander 014386111 

UummLInl I QM 714 * 7 X 70 ..J 3 


— WcnHey investment Services Lid 

— 1201 Floor, BA. Totter. Karowrf bud, Hong Kmg 

— wnwer r««iAi.TraJs8.HI 9.«+f . .1 oft 

— WhbaAiliPaclnsL-JS 1250 1 X 92 J — 

— World Bond Fund— SICAV 

L 2 Hart PO Baa 190.51 Heller. Jmre 0534,74715 
~ WtaiJ flood Fwd NAV— I B 65 S 1 -HUM — 

In, Ad ItCRury WJrtus I ih Uiqrail, I Ma 

U World Capital Gsrtfe Fd— SICAV 
34 Haisoert: PC So* 19 Q. Si KtUer. Jener. 0534,74715 

— INgrtlCtafirtPFglUVUlJ 51593 I — 1 — 

In- Ad, UtRUy WATBurg hw Wigi Loaaga 

^ World Fund SJL 

S 2 Bcuteasrt Rural, Lmottnaig 

=5 Uhctd Toad HAV Oa 6—1 S 2432 I - 82 * — 

» World Wide Growth HanagcnentC 

— lOx Boaleiaid ftaal,, Uaetitmirg 

60 Thrift** GW Fd —I SZ 139 I + 031 ] -OJJt 

” Ian. AdL- H. A G. bn. Hagt, Ltd. Lvdoa 

~ YaatakM Capital Mbgt (Guernsey) Ltd 

— 22 Sndltl Sc Si Peter Pori, Goervsay. 0481 JB 7 U 

— tollMln«L_J 513 ft JLOll — 

— Yawkta 051 Fuad— J 51087 1 - 0 D 8 - 

YhthIcU Dynmie Mngt Ca SA 

UA Boulevard Rural, L me iUx m g 

— AdoaredTeca. — 52161 837t — 

D^rtcCrtiFl I 5=613 I - 0.43 - 

_ Jen Bond Fund Limited 

PO B« 208 , Sl Peter Pori, Cnemsay 048126=68 

Zen Bon) Fa* 1512*8 lLTbl I — 


Money Market 
Trust Funds 


Gr Cqunr 

GR» K« CAR IfC Cr 

Charities Aid Fndtn Kmy Magmt Co Ltd 
Suple Hill, Sitae CL HowKtuidcb.EU 01 283 6461 
UFCA 5 M Cta Fine —1935 7 08 vaq 

CAFCaSH 7 -aay Find— JUS 7 *U WMi 


GrEanb 

„ , Girt , Net CAR IntCe 

ANZ Hnancr H 5 gd Interest Chcqae Ace 
Minerva Hse, UuBUgur CL London, S £3 01-9782576 

C 2 SM 25 W— __hm tag 64 * ft 

£ 2300 * — -.- HOOP 7 JS 10*0 ft 

Adam & Co- pic 

ZZdUrtane S 6 BtaBorgh EH 240 F _ 033-2258484 
Fall Seratre Car Act— _J 9 00 67 d Mai ft 

Aitkea Hume 

30 Cm Road, EC 1 Y 2 AY. , 01-6386070 

Trtaar, Ac — | 92 S 64 H 9 . 7 H ft 

mnlBa«i£JaoiM 3 <Wj 9 iKI 670 950 IXU 

ndL «. C*a. I 5 D 0 O* J 9 X 5 6 M taJKl Mu 

AAB— AlHcd Arab Bar* Ltd 
97-101 CJuaonSLUwbaLEC 4 N 5 AD , 01 - 6296002 . 

HIC 6 .HICMA J 9 - 7 S 734 ) Uj 4 d «» 

Baak of Scotland 

38 Thmffne+Ota E j. EC 2 P 2 EM. , 01-6208060 

MnmMXtChrivrtaxJvaO 6 *d 9 *» M 01 

Barclays Prime Account 
PO Bo, 125 . NordnnMoa 0604 252891 

HafelrLOcaie 11*75 6 * 3 ) 9 J 0 l ft 

Beactmuirfc Trust Ltd Premier Account 

9 Henrtedj Ptace. W 1 M 9 AG. . 01-631 3013 

£5 000 * 30*00 ( 9 DO 677 l X 43 ) b+tai 

Liofti-czanffl .p 7 -i 7 Jm iojgjb«ii 

coot)** .. .noon is uua wnn 

Brown Shipley & Co Ltd 

Founders Court. Urianm. Lanlaa EC 2 , 01 - 606,9833 

Driuna Act IVXS 69 M 4.791 ft. 

Charterhouse Bank Limited 
1 Pmrmastrr Ron, EC 4 M 70 H. . 01-2484000 

Sttriaq | 9 i 4 6 JT 71 4.711 Mm 

»XOo»» 6.75 50 d 7 J 0 Mtb 

GmaNM X 38 2*4 XHl IM 

Sralfl franca 3*0 X 2 «J U 5 HW 

jiHrrwtv l inn X 2 &J Xlll Um 

CKibank Savings 

Si MjrirtHie. HauBu e r a iiit Crow W 6 01-741 4941 

dil ?s3 ES 

Co-operatiM Bank Cheque & Save 

7880 CareMII EC? 01-626 6543 

CM O-CLMO. — - )631 4 . 7 d bra ft 

gjoo* ISJ 1 62 W flJn ft 

Dartington & Co Ltd 

9 The Crescnn, Ptymooth PU 3 AB , 0752 673373 

HanyMMAcc ___I 950 7 X 3 10*8 ft 

Birohank pic High Interest Savings 

10 MftSu. Landau EC 2 V 8 JH . 016006020 

n.«IM 3 .W_ p.O bd 8.411 ft 

W.Ctt* [ 4.999 .... WO 67 j 9 A 11 ft 

£ 10.000 + ___B 25 7*1 9*8 ft 

HendenonTBnnk of Scotland 

38 rhrudaredJe Sl EC 3 P 2 EM 01-6280060 

,«T NH o»tur ta. J 9 J 0 bad 9 *ri tab 

Legal & General (Money Mngre) Ltd 
355 Ertta Rota. N wl 3 AG . 01 - 38 ( 1 3 =U 

Mgr in DraAis— la OS b*ll Art 6 *«ta 

Lloyds Bank High Interest Cheque Account 
71 Lombard ih, London EC 3 P 385 . dl*M 7 JOOJ 

g.OOO*.. ... plM 6 Dri Art Uta 

£ 5 . 000 + 9 do b jm era ma 

U 0 . 000 *- ■■ M .50 b-Tfl 4 ^ 7 ] MU 

£ 50 , 000 * 19*0 7*01 9 . 90 ] tab 

M & G/Kleimrert Benson 

lit 6 6 Hw- Vicuna Rfl, Cnrilidlord 0245 2*6266 

H 1 . 0 *. 10 . 500*1 lajzs bftl 9 . 7 M Otar 

Midland Bank pie 

POBoi 2 .Sbetiield. . 0742 53655 

H.w in Cta Ac V.-n btri 9 jr| ft 

£ 1 D.<W 0 * HJ 3 7 *M 9*8 ft 

M.I.M. Britannia Ltd 

7 -b 7 BFmnurr Pavement. EC 2 A 1 JD 01-588 2777 

Caw Aim 19 00 bT 7 l 9 J 708 T wa 

HatWest Special Reserve Accnimt 
el LatMxiry, London. EC 2 P 2 BP 01-736 10 BJ, 

C2 000 n (9.099 _I9 00 bflTSI 9-aj ft 

tlD .000 »d aMrvTJ_] 9 J 25 703 9 J 8 ft 

Oppenheinter Money 69 grant Ltd 

b* Cannon SL EC 4 N 6 AE . U-J 36 J 4 25 

Unnun «c- I 9 J 7 S 7 D 5 l 9 *tl>tab 

Phillips & Drew Trust Ltd 

120 Wwrgate, London EC 2 M 6 XP , 01 -M 39771 

rttga imCta«c 19*25 728 7.«8 ft 

Provincial Trust 

30 adder Rd, Aurtnduni, CrtUre . 061 - 92 S 90 U 

H.I£JLlU. 00 O*' 14 750 7341 10*0 Km 

Boyal Bonk of Scotland pic 

42 Sl Andrew S 4 EaMavgli EH 22 YE. 031 - 55703)1 

Preamaa Amaai J 4 D 0 6771 432 ft 

Save A ProcperiBobert Retiring 

20 Weoeni Rfl. Random RU 1 3 LB. , 0708 766966 

MJ. 8 JL 1677 uH 4351 DaUr 

Tyndall & Cn Ltd 

29-33 Princess Ytaorij 5 c Brisn! 0272732241 

nriMtaAgt Iqjy Yffil 9 . 91 ) ft 

MonerAn Js VI 7 ra 9 *S ft 

CSem PkrtA«. J 9 JS 6 W 9 . 7 B ft 

J. Henry Schroder Wagg & Co Ltd 
EmerprneHiwse, Pnnmia . 0705827733 

StadilAtt 1675 6 Sd 9 J 9 f MtN* 

uaow wen, Ja *0 6771 Vfijl Utay 

Western Trust & Savings Limited 

The Moncrcmlre, Ptyraomn PL 15 E 0752224141 

Hi^inCtaAec I IOJJO 7331 10*21 ft 

WimMedM & Smith West rmcnce Co Ltd 
IMNertrirSt.LtaftaEClATAE. DU 069 W 5 

Hlg» lat Onto At e H 0 M 1 Yd in^ll ft 

WfCS— Crtnc nUtoUKr reeata Irai cmoariie ran* at 
tax. Net; KU 8 me riter drduataa ri C 2 T GrEgdiCAft 
Gnus eft men to bait rate mnwrs-annHdM mani 
rare. mCr intMvcr mrrsi nttM 

UNIT TRUST NOTES 

prirt ire in imee wk?. otherwise faduted and those 
dRlftaiea J nab no prcili rvtv, u us. doltarj. Yuk 
% f-Jimrn lr to artumnl Ifena lor oil tuyfes raww— 
Pncei of certain older bnurance Enked plans smita fa 
copozi «hk u> on ules. 1 01 Km pneet Uttaw S 

TfSRtoriprbctas. e r wo Msec an oHe* price. 

f »«dfd. | 'Rta/i opening pree. 6 Dttrffiailai 
h« ol UK tares p Periodic omnium nsarmce algps. 

• S® 4 ta prrnaian insurance, i Offered Drier bidudeTw 
ewerert earepr agenft ftanupv. , Offered once 
wioin all eiMin e dmou uvi#. 

1 PrertowfWsBfice.l Gutmer won. « Shdmm 

6 Yield Before Jmw, ja*. r 

anuaM, M mariuoie aodin. 6 

tataU.ied mr, of NAV nmox. rd a anSad^ 


6*751 942 j ft 
7 in 938 ft 


i. 











































Financial Times Thursday October 8 198. 




LONDON SHARE SERVICE 



102 55 

m vh 

325 161 

m m 
1501; n 

tlSS'j 

ltd so , 

NO 150 
406 224 
154 120 . 




















































































































































































































Financial Times Thursday October 8 1987 



PAPER, PRINTING— Continued 

M^Lm I StKfc ! Price l*-*1 Nri IrJfinip/E 
116 ( 78 tatasfaMrthtaife-t 106 1-5 1 4L2.45) U I J2 bill 


45 2: 

55 :■> 

211 3 ° 

116 45 

173 53 

34 5 

61 37 

71 32 

230 66 

86 ?J 

46 37 
788 333 


n 50 
162 65 

9'd 3 
5b 27 
63 13 !tf Mourn BiirjwiaiC. 

195 M WNcrnondy firt NL— 

214 100 VNorJi B Hill 50c 

*95 39' rfMih.Kalyur 1 1. 

37 21 iWilaiin 50c- 

43 SOMTOlirr EipTn KV 

210 65 toPiflAus; Minws2i 

348 108 IpParconriSc 

73 2b lOPranitaMCii'-NL. 
'3fi 104 iojnraj MnyEin 5a... 


1937 

Wgh Low 

485 1 180 
56 28 



MINES— Continued 


1W7 I j 

Hlgt Low I Slack 1 
41. 5 hflrjij P.itilic NL _.... ! 

45 22 •viih.'ncjbic Ca Z9c — ! 

55 VDu 30* I 

21! 3° )9JiMnUinHifi20e...-.| 

116 45 WJliRClbc Mr.h J 

173 53 WjulijMine- NL_.i 

34 5 IfKifcj-aMinM: 


37 jOHadroCp'oSl 

32 WIICWUM ML 25; 

66 lMaw-.oriP.mlitAHl.20. 
?J hfMctiainairj 25t — 

37 fc*lcul;E>5fc .. 

133 (ttlcjfu !7 jiioJi 8X— 
50 j*M«r3mir Vw. 20c - 

65 IfUlKHM'cSUc 

3'^MinHieU'.En4 25c- 


27 hfKUioH Sect. 25c 

13 »MoumBunwiai£_ 


338 104 IPsnngj MntvL'B 5p.... 
428 24b jVPtto-tVolhtrd SOc 

74 27 flPeiten Pcs NL 

22 12 igPtvuiun Mining 

57 21 NCwr" Margaret 

74 jO (PRryrre Mining 20c 

748 34 &R«wflnfci _] 

33 12 fcmoofl E«*r*lO 

33 16 jlrSmtaiM Mining _l 

740 363 hfriiutaMO 6L 

35 14 VlUiR GMdKic'. J 

58 B* JUS Bin!* in Pacific 1 

160 65 jrLoUhem P-. . .1 

20 S J/Saubrra Vcmirre>25< J 
55*? 25 lYiicargx Eipfn J 

23 l^iBSiMnRe'X: | 

67 24 hrTtWifne-. Mmrfia 25c.. 

140 70 |9UijCoUl«mNL- 

35 18 fewest Coast 25c 

*425 101 IWkui. Mining 50c _. 

350 123 w.vhim CteH 20t 

77 54 fflYmur Re-,NL— 


0 135 90 tea. c HnamSMl 

— 165 30 iinnf 

— 45 50 [&'>c^E*.'v>dk£j.50 

— 220 54 Jjunjr - 

B5 37 IMjIjrf/j Mm 10c.-- 

155 MS {Peulin; SMI 

UO 75 k»n 9 -,E^.,SMl .1 

— 170 90 IlcnjBir, 15p ..J 

— 210 105 tTi.nohSVl 1 


J+H l™ 

Price I - ' Met I CtrlGr'i 

=.’1" I A-\ z 

“J 3‘i =!; 2 

165 -1 - - 

ii . CA 22 Hi 

66-2 

230 . . — — — 

63+2 — 1 — — 

88 - 

6.-3 -10 sQfcj-- 0-4 

147 US’ «3117d 3.7 OB 
6 1 : ■ 1 — — — 

165 | — ! -4- - 

140 .... MJ5q 01 17 

64 [—1 I <pS * 1.1 
23 1 . — 1 — - 

35 *-l 1 — > — — 

260 -j- - 

161 -1 I <H5c 7J 07 
63 I — 

29 old - I — I — — 

413-11 Orod LB 22 
79 *1 1 — ; — — 

i! I d: z 

41 . . — 1 — - 

b61 -a hfiiotiu 07 

>■ r..- 1 L|-1: - 

503 j-15 Q-25ehg 29 
14 L . I C|L5c 20 48 

40 1-3 ’ — 

123 1-2 ! -J — - 
14 I | pH - - 

sV dEE 

Z35 (. ... Oft 31 1.7 

30 

373 1-8 9Q10c 0 12 

248 Ul5 Q:idl6.4 20 
70 L.. 9-1 - — 

IS 

100a 1 . . WOUllOT t 

43 :.. . H - - 
6Ci4 . .. QS< - L4 
im ;. —I — — 
83 1-2 KrOZdia DA 
145 I ... «aio^ - 1.7 


Miscellaneous 

140 75*|!Aitglo-Oafflinron 79 1 *.. 

M3 21 WL*r Res Core. 61 

•300 127 ICwt.Uiuth.10c 2C3 ... 

*72 37:2iEan«_ I rr_lrl.il 64 -1 

•»1 139ljCi wnnKh Res 423 +J 

031- 4b3 iHrmto 60W Mm« dll'-' 

355 189 )»Hr*«iij Res 257 -t 

£24 Elb^JHomccUkr Minin, 31 J £271g- j 
455 !50 WMcfmld p>d Lllf.' 339 -{ 

16b K'-VMijcid Eio<co‘i«ic J 46*g -j 

160 37l, l VNe n SabujR.'cC51 142 -1 

548 20) IWPrtlmigCSl— 414 r . 

237 104 |*C3» llurtl Rmucc ■ ... 123p ... 


61 — 

2G3 ObO< 4.4 fab 

64-1 — 

423 +2 — 

£U}7 ->4 

257 -6 

L271> -I, Q2& — 15 


[4i £14 , .’| 6^ KT2 . 

_ { CBts/auy & 1 S'jciA-eoacj.. 
in 5 | 34V 11 4lALraRp.liT.il 


414 r- 1 —1 — — 

m L..i —i — — 

£13 'il . .. 12351 2.9 24 

■zn 1+2 I C9<:-V Ib5 f35 

341-1 ! -1 — — 


THSRQ MARKET 


Pro I - I Ret ICbrrlfe’sIP/E 
27 |L2 1-06 



Unless otti+rviKr Mlui+d, prices and n« diridends are In pence and 
denominations are 25p. Eswnated price'eamlngs raiios and enters ate 
based on latest animal reports am accounts and, where passible, are 
updated ca half-yearly figures. P/Es are calculated an *5x1" distrautian 
basis, earnings pet share being computM on prod! after taxation ana 
»n relieved ACT where applicable; Bracketed ngures Indicate 10 per 
cem or meve diHeeence H cBtoiUted on “nir dbutbutlou. Conn are 
based on "Mtdmom" thstributlon: thh compares gross dMdenl costs In 
proin after taxation, erduding e+ceprioiul profits/lossts hut iodudmg 
estimated enent of oHwttMrtr ACT. Yields are based on nhnBe prices. 
»+ gross, adjusted to ACT ol 27 per cent and allow for «alue of declared 
cSstribtnlon and rights. 

• “Tap Sutcir. 

’ Highs and Cows marked thus tom? been adjusted to aOow fa - rights 
tssues for cash. 

T Interim since Increased or resumed, 
t Interim since reduce^ passed or deferrec. 
tt Ta»-fr«e to nun -residents on application. 

* F«gui*s or renert awaited. 

V Mol ofnciall* Uh‘ listed: dealings permitted nmler Rule 535f4)fa). 
+ U5M: not listed on Slot* Exchange and company not subjected to 
same degree ot regulation az Us led scurmes. 
t; Oeali in wafer Rule 535t3J. 

P Price at time ol suspension. 

t Indeed dividend alter pending scrip ancior rights issue: caver 
relates to previous dividend or iorecast. 

♦ Merger bid or reorganisation h progress. 

4- him comparable. 

♦ Same tmerim: reduced linal and’or reduced earnings indicated. 
} Forecast (Svatenn; cover on eamirss updated by latest interim 

Statement. 

t Cover allows lor conversion ol shares not oowranMng lor dhideods 
or fanning Only lor restricted dividend, 
ft Cover does not allow for snares which may also rank lor dividend at 
a future oate. No P/E ratio usually provided. 

II No oar value. 

B JFr. Belgian Francs. Fr. French Francs. W T*eM based on assurgiticn 
Treasury Bill Pjtte stays unchanged until maturity ol stock, a Annualised 
ffivatend. b Figsres based on prospectus or other offer estimate, 
c Oats, d Dividend rate paid or payable on pan of capital, cover based 
oa dividend on lull capital, e Redemption yield. ! Flat yield, g Assumed 
dividend and yield, k Assumed dividend and yield alter scrip bate, 
j Payment Iran capital sowtes. k Kenya, m inurlm higher than 
tuemotD tool, n Rights hsue pending. ^ Earnings based on prelim Inary 
figures, s Dividend and yieU eve fade a special payment, t luliattd 
dhridend: cover relates 10 previous dividend. PiE ratio based on latest 
annual earnings, o Forecast, or estimated anuuJlsed dividend rate, 
cover based on previous year's earnings, v Subject to local tax. 
x OlvMeod cover in eveess ol 100 times. 1 Dividend and yield based on 
merger terms, t Dividend and yield include a special payment: Cover 
does not apply r» special payment. A Net dividend and yield. 
B Preference diridend passed or deferred. C Canadian. E Minimum 
lender price. F Dinanui and yew based on piospecuis or other official 
estimates lor 1986-87. G Assumed dindend and yield after pending 
so ip one For rights issue. H Dividend and yield based on prospectus or 
other official estimates lor 1986. K Dividend and yield breed mi 
prospectus or ewer official estimates for I9B7-88. L Estimated 
annualised dividend, cover and pro based an latest annual earnings. 
M Dividend and yield based on cro-pectus or other oriioal estimates (or 
1985-86. N Dividend and yield based on prospectus or otner official 
estimate! lor 19F7. P Figure-; based on prostwcnis or other official 
etnmaes for 1984. Q Gross. R Forecast annualised ckviderMi, cover and 
pie based bn prospectus or otner official estimates. T Figures assumed. 
W Pro forma Figures. Z Dividend toial to date. 

Afibrevutipar a: ex dividend; x cx scrip Issue; r ex rights; a ex afl; 
d ea capital distribution. 


REGIONAL & IRISH STOCKS 

The lalloaing is a selection ol RrgloitaJ arcs 1 ridi stocks, the latter being 

auulca m Irish currenev. 


Albany Ira 20g 9Sal .. .. 

CranGRosetl 730 -33 

FWay Pvg. 5o - I Iliull-1 

noftoosiap .[ aa';l. 

laM Stnv EL__ — . . 293 L.... 
IRISH 

FufdU«,M988-[ar0i|! ..._ 
NaL91,5.&4.'B9_l £9B' e l 


Hn. lj*i 97TO j ODJiyl+^i 

inuus — I 3b5 I 

CPI Hides B7 1-1 

Carrol fntts.- . I ZG9 I 1 


CPI Hldqs — 

Carrol in as. 

DiAirmGas 

Hull IR. 6 H J. 
HetunHklgt.. 

1 mh Runes 

Unmcre 


40b 

195 ...._ 

70 -4 
185 ...... 

430 















































































































































40 


Account Dealing Dates 

Option 

‘First Declare* Last Account 
Dealings tions Dealings Day 


Financial Times Thursday October 8 1987 


LONDON STOCK EXCHANGE 


Sept 28 
Oct 13 
Oct 26 


Oct 8 
Oct 22 
Not 5 


Oct 8 
Oct S3 
Nov 6 


Oct 19 
Nov 2 
Nov 16 


* Hew time dealings mar take pbu 
from 9.00 am two buskins Cars earlier. 

The UK securities markets staged 
a determined resistance yester- 
day to Die baleful influences from 
across the Atlantic. Equities 
closed well above the day’s lows, 
helped by a steadier opening 
trend on Wall Street, while Gov- 
ernment bonds ended firmly, 
undisturbed by moves to higher 
base rates by major US banks. 

The session opened nervously 
in the wake of the 90-point fall in 
the Dow Average overnight. The 
FT-SE Index (the Footsie) was 
about 30 points ofT before Lon- 
don's official opening but saw 
only modest selling. A good recov- 
ery was made, reducing the Foot- 
sie loss to a net 8 points berore the 
London market turned down 
again as US bank rates moved 
upwards. 

However, prices staged a second 
rally, and the FT-SE 100 ended 
with a net fall of only 8.1 at 2L359.8. 
Speculative activity, often a sign 
of market confidence, was 
renewed towards the close, when 
shares in Ferranti attracted 
buyers. At 1.853.5, the FT Ordinary 
Index ended 4.8 lower. 

The firmness of the UK Giltsf 
market underpinned the equity 
market's performance. Gilts were 
V< off in early trading but traders 
were undismayed by the pres- 
sures towards higher interest 
rates in New York and Tokyo. 

The City view is that UK rates 
have unlatched themselves from 
international influences at pre- 
sent. The UK economy appears to 
be on course, and sterling remains 
very firm. The UK Chancellor of 
the Exchequer, due to address the 
Conservative Parly Conference 
today, said yesterday he was satis- 
fied with a pound at current levels 
of around SL64. 

Thus, while there was little 
retail interest in UK bonds, the 
sector responded quickly to a 
closing rally in the bond futures, 
and ended with net gains of W at: 
the long end, and medium dates, 
unchanged on the day. '• 

Danner Homes, builders of shel- 
tered bousing in the home coun- 
ties, staged a highly successful 
debut in he Unlisted Securities 
Market; the shares, placed at I05p. 
opened at llOp and moved up to 
135p. a first-day premium of 30. 

The latest beer production num- 
bers exacerbated an easier trend 
in the Brewer sector. Allicd-Lyons 
led the way with a fall of 8 to 434p 
and Bass came back 14 further to 
970p, but Whitbread “A" were 
more resilient and eased only 3 to 
340p. Hopes of early develop- 
ments concerning the sale of 
Schenley Industries’ stake under- 
pinned Guinness which, in a mod- 
erate trade, improved 4 to 375p. 
Regional issues highlighted Buck- 
ley's, down 7 to 232 d as Account 
operators took profits, and Bed- 
dingbm, which improved further 
to the year’s highest of 157p, up 
7V* 


Government bonds end firmly and equity sector 

rallies from early losses 


Leading Buildings suffered an 
initial mark-down, but In the abs-, 
ence of any genuine selling,] 
staged a moderate rally to close] 
only marginally cheaper on! 
balance. Red! and traded briskly— 
some JL2ra shares changed bands: 
including a block of 3<un shares at 
527p; Philips and Drew reprtedly. 
did most of the business and tbd 
price closed 5 higher at SSPp. 
Aberdeen Construction rose 13 to 
353p following details of a recom- 
mended share exchange offer, 
with cash alternative of 350p per 
share worth around £63m from 
Baine Industries; the latter settled) 
6 lower at 150p. after I43p. Good 
preliminary figures and a prop- 
osed two-for-one scrip issue 
boosted John Maunders 0 to 339p, 
while excellent half-year results 
and a confident statement lifted 
Biggs and Hill 27 to 430p. 

Plastic products manufacturer 
Tknrgar Rardex shed 7 to 100p 
after revealing disappointing 
interim results. 

Equities, while clearly more 
volatile in the face of WaJi Street's 
setback, still accorded a ready 
reception to the scattering of spe- 
cial situations In the marketplace. 
Losses in such leading names as 
British Gas, Imperial Chemical 
Industries and BAT Industries 
were small The influence of the 
US markets dragged oil shares 
back but selling was not on any 
sen do us level 

Insurance shares, often highly 
sensitive to interest rates moves, 
made little response to higher 
base rates in the US, a major 
source or Income for most of the 
big names. Royal gained ground 
as its ADRs began trading in the. 
US markets. Among retailers, 
Dixons, which postponed its ADR 
issue, closed firmly. 

The premium price paid by 
Northern Telecom for a 24 per 
cent stake in STC set the high 
technology sector alight Also very 
active was Fisons after Nomura 
Securities took a second look at 
the company’s Aerosol Pentami- 
dine AIDS treatment, and recom- 
mended the shares. Dr Ahnam 
Banerji. Nomura’s pharmaceuti- 
cals specialist, regards the new 
product, now recognised as an 
“orphan drug” by the US Food 
and Drug Administration, as 
“potentially extremely good for 
Fisons." 

The banking sector was note- 
worthy for the resilience of the 
major clearers, and firmness 
.among Merchant Banks as bid 
speculation revived. Klein wart 
moved up 12 to 605p and Morgan 
Grenfell firmed 4 to 577 p. 

Insurances highlighted Royals 
rose 13 to 588p following comment 
on the response to Royal Life 
Fund Management unit trusts. 
Royal announced yesterday that it 
is seeking a listing oi the New 
York Stock Exchange— the first 
British insurance company to do 
so. It is also setting up an ADR 
programme, but neither move will 
involve the issue of new shares 


FINANCIAL TIMES STOCK INDICES 



Oct. 

7 

Oct. 

6 

Oct 

5 

OcL 

2 

OcL 

1 

Yew 

ago 

GmerementSecs 

8525 

B5J74 

8526 

8525 

05.72 

8229 

Feed Interest 

9190 

9L88 

9L76 

92.16 

9L84 

6956 


18535 

1H4R3 

1873.7 

18723 

1860.9 

12481 

Gold Mines 

450.4 

4442 

4392 

4382 

444.9 

3335 

OrtLDhi. Yield 

3.17 

316 

314 

3.14 

316 

425 

Earrings YiiL9Mruir) 

7.78 

7.76 

7.70 

72B 

7.72 

1023 

P/E Ratio (netH*) 

15.72 

15.78 

1529 

15.94 

1526 

n.99 

SEAQ Barwris (S pnt) 

36,404 

37,443 

44361 

37.884 

37,996 

•— 



1811.44 

1658 ?1 


176622 

53217 

Equity Bargains 



455% 

54153 

41,900 

43229 

19,700 

Sham Traded (ml) 

— 

599 3 

6BL4 

5232 

622.7 

2365 


1967 


Since Compilation 


High 

Low 

High 

low 

9332 

84.49 

1274 

4918 

(815) 

(6/1) 

(90/35) 

(30/75) 

9912 

9023 

105.4 

5053 

(1 5/6) 

(2/U 

C2S01H7} 

00/75) 

1,9262 

13203 

1.9262 

49.4 

□6 m 

an) 

060/87) 

(26«M0) 

4975 


734.7 

435 

14/8) 

(19/2) 

050831 

(26/1001) 


S.E. ACTIVITY 


Indices 

OcL 6 

OcL 5 

Gilt Edged Bargains 

1038 

1043 

Equity Bargains — 

295.4 

350.9 

Equity Vaiw 

3661.4 

335L7 

5- Day Average 

GHt Edged Bargains 

105.9 

108.4 

Equity Bargains 

295 5 

2935 

Equity Value 

350L6 

36325 


Opening 

1841.4 


10 a.m. 
1848.7 



11 a.m. 


Noun 


1 p.m. 


2 p.m. 


3 p.m. 


4 pJT). 


1843.7 


18462 


1846.7 


1846.4 


1850H 


18511. 


Day's High 1853 JS Day's Law 1840.9. Bub 100 Sort. Sea 1500/26, Find In. 1928, Orthwy 1/7/35, Grid Hines 12/9/55, 
SE Actwhy 15A7 * N1I-I&50. 

LONDON REPORT AND LATEST SHARE INDEX: TEL. 01-246 8026 


and it is expected that the ADRs 
will be traded early next year. 
Among Life Insurances, Equity 
and Law, after a brief suspension, 
settled 10 lower at 444p following* 
the recommended offer for the 
company from Compagnie du Hid 
(UKJ, Hr Ron Brierley’s IEP 
Securities bas agreed to accept 
the offer and has withdrawn its 
bid of 450p per share. 

High Street retailers often 
escaped the surrounding dull- 
ness. Burton maintained a posi- 
tive profile as the group con- 
tinued to develop its image in the 
US. A further presentation is 
planned for the autumn followed 
by a visit next spring, and an ADR 
listing is also being sought Dixons 
has postponed an intended ADR 
issue but is proeeding with a US 
listing; depressed market condi- 
tions in the American speciality 
retail sector are the reason for the 
postponement Weolwerth were 
little changer after the announce- 
ment tint a syndicated £250m mul- 
tiple option facility with N.M. 
Rothschild had been arranged. 

Secondary Stores presented 
bright features in Debfor, up 18 
more at 448p, and Lloyds Chem- 
ists, 10 higher at 225p. both still 
mirroring trading statements. 
Mail Orders were quieter and 
Empire eased to 284p; major 
shareholders Geces Spa has 
increased its stake fractionally to 
19.7 per cent 

High technology stocks were the 
centrepiece of the market. North- 
ern Telecom's purchase of the ITT 
stake in STC sparked all manner 
of speculation and quotes that if 
the last-named "did not boy It 
would be bought ". Another heavy 
trade ended with STC 9V4 higher 
at 316Vsp, with the market assum- 


ing the group would intervene and 
scupper the proposd Ferranti 
merger with International Signal 
Ferranti went higher late to close 
SVfc higher at 146Vfep as other 
names appeared in the frame 
including British Aerospace,. 
Thorn EMI and Plessey. British 
Telecom steadied late, helped by 
tomorrow's mobile communica- 
tions presentation to City brokers. 
Trading news encouraged firm- 
ness in Densitren, 3 better at 82p, 
and in Micros Focus 7 dearer at 
180 p, while revived bid specula- 
tion took dystalate up 10 to 263 p. 

Engineers recorded several 
bright spots. Trace responded to a 
newsletter recommendation with 
a gain of 10 at 450p, while James 
Dickie, reflecting stakebuilding 
suggestions, advanced 20 to 185p. 
Ash and Lacy continued firmly at 
705p, up 15, following satisfactory 
interim figures, while the export 
order worth around £ 10 m left 
Westland a few pence better at 
135p- However, the proposed 
acquisition of Kendal Electric, 
failed to help HoUnsans Holdings 
which eased 3 to loop. 

Dee Corporation regained a mea- 
sure of stability after being hit 
recently by a series of 
downgraded profits forecasts 
from security houses. The recov- 
ery inevitably aroused specula- 
tion of takeover possibilities, 
which stimulated further buying 
interest and brought a close of 12 
higher at219p. A US marketmaker 
showed marked enthusiasm for 
Cadbury Schweppes, but the 
demand was well met and the 
shares improved only marginally 
to 284p. Elsewhere in the sector 
the tone was dull Northern Foods 
experienced a lull in the recent 
buying and slipped to 316p, while 


Argyll fell 5 more to 230p and 
Bcjam shed 5 to Z53p. Sims Cater- 
ing lost firmness at 445p, down 20. 

Grand Metropolitan responded 
to a presentation given by Wood 
Mackenzie in London to Japanese 
investors, gaining 13Vti to 58 lp. 
Trusthouse Forte lost impetus 
initially but rallied to finish a net 
3 better at 277p. 

Fisons remained in the lime- 
light as investors pinned their 
hopes an prospects for the com- 
pany’s new anti-Aids therapy 
which was announced on Tuesday. 
A big turnover developed in the 
shares (20m) which advanced 
strongly to close 16 up at 379p with 
US buyers reported to be showing 
a keen interest Glaxo, in contrast 
continued to drift lower awaiting 
next Monday’s annual results and 
closed Vfc cheaper at £17. 

Dealings resumed in Hawtal 
Whiting at 383p compared with 
the suspension price of 524p 
following the announcement that 
First Security had withdrawn its 
offer; the latter gave up 20 to 435p. 
Disappointing interim figures 
prompted selling of Johnston 
Group which fell away sharply to 
close 105 cheaper at 540p, but 
news of a recommended offer 
from Charles Baynes left Techni- 
cal Component Industries with a 
rise of 9 Vi at 570 p. Charles Baynes 


improved 6 to l33p. British Air- 
ways were a lively market (some 
13m shares changed hands) and 
closed 9 to the good at 225p. Minty 
were noteworthy for a rise of 50 to 
600p in a restricted market, while 
satisfactory trading news promp- 
ted a rise of 8 to 27lp in Plumb 
Holdings. Via ten, the subject of a 
recent chart "buy” signal, 
improved 10 to 255p. 

The Leisure sector displayed 
several bright features. Thames 
TV were a particularly strong per- 
former, rising 13 to 493p on news 
that the company bad signed a 
USH-Sm deal to make Jack the 
Ripper, a four-part mini series 
about the brutal murders in Lon- 
don's East end for showing on FTV 
and the American network CBS. 
As yet County Natwest has not 
revised its 1988 profit forecast for 
-Thames. It expects profits in the 
'region of £28m and estimate the 
earnings per share at 36. 8p. Chry- 
salis attracted support following 
an investment recommendation 
and rose 11 to 271p. 

Blenheim advanced afresh to 
860p up 30 fer a two-day rise of 90 
in response to the acquisition of 
PEL which promotes and orga- 
nises exhibitions. 

Leading Properties were 
inclined easier with Land Seenr- 
lties closing 4 cheaper at 579p and 
MEFC 7 off at 54Ip. Among the 
occasional bright spots elsewhere 
in the sector, Hardanger, still 
responding to a recent newsletter 
recommendation, moved up 10 
fUrther to 955p. Southend Stadium 
finned 5 to 239p after the interim 
results and proposed rights issue 
to rise £39m. Kandsworth Trust, 
inclined easier initially, rallied to 
settle a couple of pence better at 
244p on the announcement that 
the company has acquired sub- 
stantial leasehold interests in 
Gordon House. Gotch House and 
New Mercury House, Farringdon 
Street, in the city of London for a 
cash consideration or £7m. 

Textiles were noteworthy for a 
fell of 12 to 2S8p in Sanderson 
Murray and Elder on the rejection 
of the bid approach from Sir 
James Hill and Son. A. Beckman, 
however, edged up a few pence to 
178p in response to the prelimin- 
ary figures. 

Irregular movements among 
miscellaneous Financials 

included Smith New Court, which 
lost 5 fUrther to 313p on end* 
Account profi Making, and Haw 


emerged for a spell of inactivity 
with a rise of 5 to 143p. 

Traded option activity con- 
tinued apace with 52.719 contracts 
struck— 31.931 calls and 20.779 
puts- British Airways ealis 
attracted 4,497 contracts, U92 in 
the January 220. Rolls-Royce 
registered 2.028 puts, 1A05 «T 
which were in the January 196 s 
Sears recorded 2.310 puts, vir- 
tually all in December I8ffs. 


Traditional Options 

• First dealings Oct 5 

• Last dealings Oct 16 

• Last declaration Jan 7 

• For Settlement Jan U 

For rase truncations xee rot* qf 
London Shore Seme* 
Stocks to attract money for the 
call included Polly Knob* 
and Knockers, Oliver Resources, 
Common Brothers. Aren KwW, 
Control Securities. Reliant Motors, 
Greenwich Resource*. Certain. 
Rothmans, Blacks Leisure. Oliver 
prospecting. Holmr* Protection. 
Storehouse. Singer and 
Friedlaader and Trust house Forte. 
No puts were reported, but double 
options were arranged ifl PUHy 
Peck and Abaco. 


NEW HIGHS AND LOWS FOR ±987 


NEW HIGHS tKO 

AMERICANS (1). CANADIANS (1). 
BANKS U), BREWERS (2), 
BUILDINGS 19), CHEMICALS (5k 
STORES (41. ELECTRICALS (Z), 
ENGINEERING (31. INDUSTRIALS 
Of). INSURANCE C3). LEISURE (2k 
MOTORS CD. NEWSPAPERS CD. 
PAPERS (5k PROPERTY C3k SHOES 


(Ik TEXTILES (1), TRUSTS (12k OUS 
a). MINES (5k THIRD MARKET (Ik 

HEW LOWS (6) 

AMERICANS (2) Allegheny & West, 
Amer Medical, CANADIANS (2) Bank 
Montreal, Bank Nova Scot, 
ELECTRICALS (1) Rod] me, TRUSTS 
(11, Scot National Cap. 


Par, up -7 farther at 205 p reflecting 
Far Eastern influences. 

The overnight setback on Wall 
Street combined with reports that 
the Opec agreement appears 
under strain prompted renewed 
weakness in the Oil sector. British 
Petroleum shed 3 to 369p sad Shell 
shed to to £l3to. British Gas were 3 
off at I73p and Brit ail 4 cheaper at 
328p. Lasazo gave up 3 at 263p and 
Enterprise dipped 8 to 327 P- 
Agains t the trend, Ultnunar 
attracted. revived speculative sup- 
port and touched 3l2p prior to 
closing 7 higher at 302p. Among 
-Irish stocks, dealings resumed in 
Bula Resources at imp compered 
with the suspension price of 10p 
following details of the placing of 
50m new ordinary shares at 8p 
Sterling- 

Strengthening convictions that 
the group was more vulnerable to 
a bid after Monday's gloomy mid- 
term results swept James Finlay 
higher and the close was 13 up for 
a two-day gain of 21 to 128p. Lon- 
rfao also resumed prominence, ris- 
ing 7 to 346p, while Tuer Kemsley 

TRADING VOLUME IN MAJOR STOCKS 

The following hs based on trading volume far Alpha sesorttics dealt through uw SEAQ v***bti 
yesterday until 5 pm. 


Volume 

000 's 

2.400 
1.600 
2.000 

2.900 
253 

5300 
2 J3O0 

1.400 
503 

1.400 

k<xn 

624 

1,500 

MS? 

271 

1,000 

2300 

689 

1800 

13.000 

1.700 
679 

5.200 
6,000 

2.900 
2,800 
2400 
5AC0 

3.200 
6^00 

651 

5.000 

303 

314 

L300 

11.000 
LBOO 
1500 

20,000 

153 

3.700 
U00 

81 

713 

4.400 
3* 
309 
471 

U00 

45 

llSSl 

1,003 

744 



Argyll Group 

Assoc. Bm- Foods _ 

BAA 

BAT 

BET 

B1CC 

BOC. 


BPBIods. 

BPCC 

BTR_ 


Bordays- 
Eass. 


Be ccham 

Blue Arrow. 
BfaeCbtfe- 
Boots. 


Brit. Airways 

Brit- Aero 



Brit. Telecom - 
I Bond- 
Burton . 


Cable & Wire 

Cadbury Schwpa — 

Coats Vfcefla 

Comm. Union 

Cons. Gold 

Cooloon 

^Hi > ?auWs - 

DeeCorpn- 


01* oos Group — 
English China Clays. 

Foots - 

Gen. Accident 

Gm. Elect- — __ 

Glaxo 

Globe Investment— 
Granada 





Volume 

Ooung 


price 

change 

Stack 

OOTs 

cnce 

ctane 

205 

+1 

IC1 

1200 

CV, 

— 

434 

-8 


1.000 

568 

-4 

168 

-5 


995 

457 

43 

230 

-5 

Lana Secunlies 

BC1 

579 


370 

-4 


L600 

35Z 

43 

147ia 


Uayds Baric 

573 

353 

— 

697 

-A 


3.900 

346 


296 

-5 


290 

764 

-7 

419 

-3 

MEPC. 

1.000 

541 

-7 

545 

-3 

Marin A Spencer _ 

2200 

235 

-2 

335 

+1 

Midland Bank 

3,91X1 

533 

-5 

359 

-3 

Natweri Bank .. 

1.000 

76? 

-3 

350 

-5 

Next — 

1.600 

355 

42 


-2 


ISO 

%5 

— 

970 

-H 

PAO- 

512 

716 

-S 

561 

-5 

Pllkingsan Bros 

6.100 

314 

43 

166 

— 

Plessey 

54« 


+1 3 

48a 

— B 


<34 

um 

— 

303 

+»a 

Racai — 

1900 

333 

-3 

546 

+6 

Rank Or? 

514 

723 

44 

546 

+6 

RMM 

W 

361 

-1 

525 

— 

Reckiu & Col 

907 

£10*3 

— 

171 

-3 


Z20Q 

S29 

45 

326 

-5 

Reed Inti 

1.000 

601 

-B 

369 

-3 


635 

396 

-6 

272 

-1 

RTZ 

«g 

£l3k 

— 

250 

— 

RoHt-ifayce 

3^50 

209 

-H, 

303 

+3 

Ruthrans Ind 

UOO 

433 

-4 

466 

-4 


200 

556 

-5 

284 

+1 

Rjri Bank Scotland- 

1^00 

435 

-1 

408 

— 

Royal ItHurawe _.. 

2600 

5E8 

413 

44fe 

+7 

STC. 

15,000 

33 6 1 ! 

49* 



Salntairy 

L600 

271 

-2 

B12 

-3 


172 

262 

-1 

511 

-5 

Sears 

2500 

1671, 


218 

42 

Sedgwick 

602 

293 

-1 

385 

43 

Shell Trans 

3500 

£13*1 


567 

+8 


1,800 

194 

4?U 

379 

416 

Standard Chw— . 

65 

805 

-3 

UJ% 

4J« 

Storehouse— 

4500 

408 

4) 



Hanson T*i***~~ • •• ~ 

Hawker Sidd 

HiHsdmmHIdgs 



RISES AND FALLS YESTERDAY 


FT- ACTUARIES INDICES 


These Indices are the joint corapBatiaa of the Financial runes, 
the Institnte of Actuaries and the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 

Figures in parentheses show number of 
stocks per section 


CAPITAL GOODS (214). 


Building Materials 130) — 

Contracting, Construction (33). 

Electricals (14) 

Electronics (34). 


Mechanical Engineering (60) ~ 

Metals and Metal Forming (7). 

Motors (14). 


Other Industrial Materials (22). 

CONSUMER GROUP (183) — 


Brewers and Distillers (22) , 

Food Manufacturing (23) . 

Food Retailing (16). 

Health and Household Products (10). 

Leisure (31) 


Packaging & Paper (15) — 

Publishing & Printing (15) . 

Stores (35) — — 

Textiles (161 


OTHER GROUPS (86) 

Agencies (17) 

Chemicals (ZD — 


Conglomerates (13) 

Shipping and Transport (ID. 

Telephone Networks (2) 

Miscellaneous (22). 


INDUSTRIAL GROUP (483) . 

Oil & Gas (17) 


500 SHARE INDEX (580). 


FINANCIAL GROUP (119). 

Banks (8) 


Insurance (Ufe) (9) — 

Insurance (Composite) (7). 

Insurance (Brokers) (8) 

Merchant Banks (12). 

Property (48). 


Othar Financial (27). 


Investment Trusts (89) •. 

Mining Finance (2) 

Overseas Traders (10) 


ALL-SHARE INDEX (720)*. 


FT-SE 100 SHARE INDEX 4 . 


Wednesday October 7 1967 


Index 

No. 


108558 

123957 

U73A3 


217155 


54007 

58010 

48083 

178002 

1364.74 

1037 JO 

248U1 

260063 

146356 

70753 

499008 

110751 


G9L27 

□83.03 

172654 

1539.92 

1525.97 

238757 

me 


174638 


123028 


224172 


132357 


88019 

86625 

1236JS 


169657 

1263.70 


1 53428 1 
132069 


99256 


1X9607 


|69051 

I325JB 


321019 


Index 

No. 


Day's 

Change 

% 


—02 

-03 

-02 

-02 

+tU 

+03 

-02 

-06 

—02 

+03 

-05 

+ 0.1 

HU 

+02 

-0* 

-0.9 

HU 

-*A 

-04 

-06 

-02 

-0.7 

+02 

—07 

-06 


-M. 


— JLO 


-04 


-05 

+02 

+13 

-02 

-02 

—04 

-03 


-05 

+09 


-03 


fay's 

flange 


238081 -Ol 


EsL 

Earnings 

YWtf% 

(Max) 


6.94 
750 
656 
648 
7.41 
6.77 
622 
724 
628 
6.00 
827 
730 

5.94 
3.97 
556 
5.96 
426 
637 
728 
736 
324 
620 
6.74 
728 
Oil 
069 


622 


725 


6.77 


1521 


079 


327 

529 


658 

7-10 


fay* 

Hhh 


Gnu 
Dir. 
VMd% 
Ud at 
(27%) 


220 

2.92 

228 

335 

232 

2.97 

2.78 

2.79 
324 
254 

321 
320 
238 
155 

322 
257 

224 

225 
259 
320 
131 

2.98 
327 
3.44 

323 
270 


2.74 


437 


297 


349 

429 

358 

396 

453 

222 

224 

267 


225 

252 

359 


321 


fays 

low 


23467 


EsL 

WE 

Ratio 

(Net) 


1828 

1622 

2037 

1924 

1720 

1058 

1720 

1676 

1955 

2224 
1329 
1018 

2225 
2939 
2249 
2228 
3120 
ZL27 
1632 
16.92 
3625 


1929 

16.97 

1056 

3425 

1373 


1923 


1013 


1056 


058 


3456 

3532 

2270 


1726 

1625 


xdadl 
1987 
to date 


1723 

2U7 

27.76 

4623 

3451 

1070 

088 

5.75 

3324 

17.74 

1751 

1630 

3625 

1621 

27.70 

1075 

6721 

1437 

1235 

2055 

1526 

3221 

5324 

1096 

3278 


18.96 


6529 


22.93 


1077 

25.98 

2573 

15.97 

3627 

831 

1454 

951 


1435 

1021 

2951 


Toe 

Oct 

6 


Index 

No. 


1807231 

124323 


117520 

2589.90 

217629] 

53933 


172355 

136730 

1223441 

104439 

247091) 

261246 

146120] 

71210 

503624 

110037 

894.91 

1188-22 


1737 J1 
154233 
153720 
23ft936| 
112138 
175736 


124053 


226420 


132847 


1 87034 

123321 
168779 
126626) 
1 53542| 
132633 
159356 


120226 

169451 

131356 


Um 

Oct 

5 


Index 

No. 


101228 


126428 

188424 

257622 

217439 

55924 

59122 

406.92 

172439 

137931 

12ZLB 

105088 

2534.98 

263444 

147428 

71742 

507026 

112757 

91132 

□9136 

174724 

154546 


153031 


237835 

112093 

1773.701 


124923 


229002 


130726 


68054 

1 874.91 
1257 JE | 
179038 
127434 
153559 
[1335.99 
1596351 


1287.90 

168062 


Fri 

Oct 

Z 


Index 

No. 


191376 


126130 


187535 

257004 

217739 

54243 

58834 

40839 

172829 

137936 

122733 

184473 

25147 


264431 

147221 

71449 

502831 

111674 

91452 

118840 

174402 

154220 

152636 

2393.78 

U153B 


177119 


124825 


228330 


133620 


88532 
1 87152] 
123972 
168096 
128474 
153513 
[134615 
1596.90 


120731 

168079 

131834 


Year 

ago 

(approx) 


Index 

No. 


65248 

74718 

□2634 

170256 

142053 

35848 

32S41 

26734 

122036 

90623 

913.91 

68959 

187139 

149911 

98249 

45097 

2S2653 

826.97 

51430 

75449 

00 

97755 

00 

142942 

73747 

115221 


00949 


139230 


85837 


58038 

63235 

81530 

45134 

123029 

3X754 

74734 

33522 




Oct 

6 


2367.9 


Oct 

5 


Oct 

2 


Oct 

1 


Sep 

30 


7BOS3 

33226 

67048 

78210 

Year 


238531 238231 237331 236631 15875 


FIXED INTEREST 


PRICE 

INDICES 


Bay's 

change 

% 

TM 

Oct 

6 

xdadl 

today 

xdadl 
1987 
to date 


BritfaNGOIMlMMt 






1 


120J7 

4-006 

15^11-1 

nr» 

933 

2 

5-15 yean— . — 

13455 

+425 

m as 

- 

1050 

3 

Over 15 yean — 

14227 

+832 

14131 

- 

1029 

4 

Irredeemables..-. 

15&04 

—035 

15059 

- 

081 

5 

All sucks 

EZE3 

+035 

33026 

081 

1035 


ImicrtJnkad 






6 

5 years 

119.71 

-009 

11922 

- 

018 

8 

All stocks. 

209.99 

-0.72 

11079 

- 

055 

9 

HbntauttftUatt. 

114.44 

-003 


- 

007 

10 

Preference 

8321 

+043 


- 

089 


AVERAGE GROSS 
REDEMPTION YIELDS 


IB 



I r redee mab les- 


brisx-Urited 
tafbitoeiatt5% SjgJ 

[■fatal rate 5% 0w5jnJ 

lrfatfnraftlO% 5jnJ 

Inflation rate 10% 0rer5ynJ 


Dcfa& 

Labs 


5ymv_J 

Syan — I 


Praia mui- 


Wed 

Oct 

7 


058 

936 

929 

3029 

1022 

9.90 

1036 

1029 

9.94 

9.73 


352 

435 

327 

026 


1124 

1148 

1131 


1092 


Tue 

Oct 

6 


920 

959 

9.71 

1031 

1015 

9.91 

1039 

1031 

9.95 

9.93 


158 

420 

353 

431 


11 Mt 
1148 
1130 


10.97 


Year 

ago 

(approx.) 


929 

1036 

1037 

1133 
1076 
1039 

1134 
1098 
1049 
1012 


447 

336 

335 

328 


1156 

1152 

1148 


1135 


30penins tndex 2347 Ji 10 am Z358J; Uam 235D.7; Noon 23541; lpm 2352.9; 2pm 2353JJ 3pffl 23588; 330 pm 2350.7; 4pm 2357.4 

t Flat yield. Htota aid tows] reanl tee fates, whies, and conatoem dongs ** puM shed In StiiiriiMisgaeLAiiewliRidcansdtiiemsk 

arai table from theFublohea The FmancfalTimes, Bracken House. Canon StreeL Lmbm EC4P 4BY, price 15 r by poa 32a. 
o Ccnected indices: Group 71“1207J1 and Groqi 99*122026 <2/10/87). Gimp 71=1207.90 (5/10/87). 


LONDON TRADED OPTIONS 




j CALLS 

| POTS 

Option 


lea 

IO 

IE3 

IE3 

IQ 

lira 


390 

47 

55 

67 

2 

6 

12 

1*442 

420 

22 

35 

50 

4 

lb 

25 


460 

3 

17 

30 

30 

38 

45 

Brit. Airways 

2D0 

2b 

35 

45 


IP1 

I fl 

oan 

220 

11 

ii 

32 


n 

ivfl 


240 

lh 

13 

20 



Em 

Brit. & Comm. 

460 

70 

LI 

97. 

2 

7 

10 

1*525) 

500 

32 

ri 

70 

4 

15 

20 


550 

3 

o 

45 

28 

35 

45 

B.P. 

390 

53 

60 

18 

■J 

mi 

141 

1*375) 

360 

14 

33 

43 

■2 


Efl 


390 

Zlj 

IB 

30 

o 

cfl 

Efl 

Bass 

950 

40 

65 

90 


40 

50 

<*9B4) 

1000 

10 

43 

65 


b5 

75 


1050 

2 

«U 

45 

I.’l 

95 

105 

Cob- G rid 

1400 

65 

160 

195 

22 

78 

115 

1*1435) 

1450 

35 

130 

175 

40 

110 

\<G 


1500 

15 

UU 

155 

805 

145 

175 

j Courts Ids 

460 

55 

72 

92 

n 

8 

13 

1 <*51 9) 

500 

22 

4b 

62 

Pi 

2b 

36 


560 

3 

22 

40 

o 

5b 

66 

Corn. Urion 

360 

82 

94 

102 

1 

4 

5 

(*441) 

390 

52 

69 

m 

1 

7 

10 


420 

25 

48 

57 

2 

12 

19 


460 

5 

22 

33 

22 

2 1 

34 


460 

30 

58 

83 

3 

15 

30 

P484) 

500 

7 

35 

60 

23 

35 

45 


550 

1 

1/ 

35 

70 

73 

80 

Briton Gu 

us 

9 

19 



mm 

n 



1*171) 

180 

2 

U 

18 

ri 

PI 

18 


200 

(Pj 

6 

10 

H 

Efl 

32 

6XX. 

220 

US 

27 

35 

2 

8 

13 

CZ33) 

240 

kfl 

16 

25 

U 

16 

24 


260 

mm 

10 

17 

28 

32 

35 

GJCtL 

360 

57 

71 

78 

El 

m 

10 

(*414) 

m 

27 

48 

SO 

PH 

PS 

19 


420 

9 

31 

40 

lM 

Lfl 

34 

Grant Met. 

500 

77 

90 

ioo 

mm 

4 

J 2 

(*574) 

550 

30 

53 

65 

tfl 

18 

25 


600 

4 

30 

40 

lM 

43 

52 

IXJ. 

IS so 

97 

192 

180 

■ji 

73 

44 

1-1636) 

1600 

55 

no 

150 

f™ 

40 

63 

, 

1660 

22 

90 

122 

LM 

65 

85 

i J*9«r 

WO 


90 


■a 

KH 

17 

(*56» 

550 

iw 

Hi 

eS 

■■ 

f~M 

32 


600 

MM 

30 

LJ 

IM 

LM 

58 

Land Seatrides 

500 

78 

974 

105 

i 

7 

8 

(-575) 

560 

28 

58 

70 

2 

23 

28 


600 

6 

30 

45 

30 

43 

50 

Mwto&Spen. 

220 

m 

H 

36 

1 

7 

11 

(*235) 

240 

mm 

18 

25 

8 

IB 

22 


260 

u 

10 

lb 

28 

32 

35 

Oritoa 

1*324) 

%o 

2b 

7 

2fi 


2 

12 

H 

21 

36 


360 

1 

16 

2b 

8 

Em 

53 

Kofc- fam* 

195 

EH 

74 

30 

u 

m 

9 

(•200) 

205 

K| 

» 

25 

SI 

FS 

15 


215 

EJ 

14 

— 

MM 

Efl 

— 



67 

l HM 

UO 


40 

65 


1350 

35 

98 

135 


62 

87 


1400 

17 

60 

112 


90 

115 


1450 

5 

52 

B7 


123 

150 

Stanhouse 

yn 

25 

49 

67 

■S 

25 

33 

(*410) 

420 

11 

rt 

50 

Ffl 

38 

48 


460 

3 

20 

32 

13 

65 

70 

Trabdgsr Horae 

390 

30 

43 

58 

mm 

13 

18 

(-415) 

420 

9 

24 

40 

PS 

25 

32 


460 

2 

10 

20 

tl 

50 

58 

T5B 


9 

14 

10 

0*7 

mm 

4 

(137) 

140 

2»r 

10 

12 

3 

Kfl 

10 


150 

1 

bh 

9 

15 

Ll 

IB - 


380 


FI 

55 

ES 

u 

20 

(*948) 

350 

12 

Eg 


EES 

- 




360 


El 

42 

a 

- 

35 



■SUM 


(Mm 

a 

E3 

a 

□ 

EH 

o| 

a* Aero 

460 

cm 

ESS 

120 

El 

a 

r.d 

(*543) 

500 

n 

pS 

93 

N 

PS 

Z7 


550 

LM 


62 

uM 

Efl 

47 

BAA 

» 

em 

L| 

31 

S3 

5 

6 

(143) 

140 

Ll 

ri 

2S 

n 

9 

10 


160 

u 

u 

14 

eM 

19 

22 

BAT lads 

650 

63 

07 

970 

b 

18 

27 

(•702) 

700 

28 

56 

66 

25 

37 

47 


/50 

11 

33 

47 

60 

67 

73 

BriLTetecem 

240 

T7 


■■■ 




(173) 

260 

20 

30 

38 

12 

15 


m 

9 

SO 

JJ 


23 

26 


m 

m 

Ell 

m 


m 

20 

31 

fewness 

330 

50 

67 

TO 



9 

(*372) 

360 

27 

40 

50 


14 

72 


390 

8 

22 

30 


27 

35 

ladhrriie 

420 



60 

UM 


U 

16 

(*«5) 

443 

28 


efl 

12 




460 

18 

35 

47 1 

20 

25 

33 


Option 


CALLS 

PUTS ! 

cal 

■jH 

Ed 

umi 

o 

E3fl 


330 

42 

to 

71 

mm 

in 

23 

(■3791 

360 

21 

41 

55 

IS 

ifl 

34 


390 

U 

28 

40 

Efl 

LlS 

51 


200 

22 

wm 

39 

4 

9 

14 

(*215) 

220 

U 

I] 

29 

13 

20 

24 


240 

4 

KM 

— 

27 

32 

— 

Prudential 

1050 

77 

B£fl 

132 

pa 

30 

45 

1*1113) 

UOO 

43 


97 

Efl 

50 

67 


1150 

18 

LA 

— 

efl 

72 


p. A a 

688 

42 

68 



ra 

25 



(■715) 

TOO 

— 


77 

bfl 

— 

40 


750 

10 

38 

52 

Em 

55 

67 


Racai 

300 

47 

IS 

71 

2 

U 

lb 

(*34U 

330 

27 

in 

53 

9 

20 

25 


360 

12 

EM 

37 

Zb 

34 

38 

rtJL 

1300 

U5 

185 

fia 

30 

WM 

JOB 

(■1370) 

1350 

90 

155 

tofl 

55 

EM 

Pm 


1400 

65 

130 

uM 

85 

PM 

cm 

VxD Reefs 

120 

16J? 

a 

warn 

3h 

M 



(-S132J 

130 

U 

17 


8 

EM 

15 


140 

lh 

14 

mii i 

13*1 

EM 

19 

Tr. 116% 1991 

102 

2f t 

21, 


DA 

oti 

— 

(*104) 

104 

(Hi 

JJL 


0? 

l,5l 

— 


106 

108 

m 

oi 

9 

a 

4ti 

— 

Tr. 12% 1995 

■ ] 




_ 

_ 

2H 

(10® 

K Hi 


— 

Em 

— 

— 

33 


UO 

K?3 

4>* 

4« 

c* 

is 

2ft 

CUD 

U2 

El 

3A 

353 

i% 

ZM 

3A 


U4 

U6 

% 

ll 

3A 

2£ 

2k 

8 

5ft 


Opdro 

loraj 

Cl 

(231 

EZfl 

o 

a 

Amarad 

160 

LA 

32 

Lfl 

'm 

lb 

IB 

(*168) 

MO 

'EM 

23 

mM 

ipfl 

20 

30 


200 

KM 

14 

Em 

Lfl 

38 

42 

BanJns 

(*629 

550 

600 

92 

52 

107 

75 

123 

90 

5 

18 

12 

27 

15 

35 


650 . 

22 

47 , 

60 

43 

52 1 

60 

Bcedran 

500 

70 

85 1 

Vrfl 

6 

13 | 


(*560) 1 

550 1 

34 

53 i 

EM 

21 

30 1 

35 


600 

13 

30 

EM 

52 

53 i 

60 

Bums 


3fa 

4b | 

53 


10 


C308) 

^t^S 

22 

34 | 

41 


17 

20 


923 

10 

19 

27 


33 

37 

BTR 

330 

LS 

m 

_ 

8 

13 


1*349) 

360 

EM 

■ fl 

36 

22 

26 

33 


390 

Kfl 

KM 

24 

45 

4b 

48 

Brie Circle 

473 

32 



n 

17 

__ 



(*480) 

500 

20 

40 

■ s 

35 

40 

48 


550 

b 

20 

Efl 

73 

l 25 


De Been 

1200 

530 



15 



(*51725) 

1300 

430 



50 


, 


1400 

330 

Efl 

Efl 


Efl 

— 

Dixons 

360 

38 

54 

60 

9 

17 

~20 

(*383) 

390 

24 

35 

44 

23 

30 

32 


420 

U 

— 

— 

40 




Glm 

1650 

1*20 

175 

_ 

50 

73 


(*1702) 

1700 

87 

150 

190 

73 

93 



1750 

66 

125 

116 

100 

U7 



1800 

45 

100 

145 

132 

145 

155 


1850 

30 

82 

122 

170 

175 

185 

Hasson 

140 

46*j 


wsm 

Sr3 



(*182) 

160 

271, 



b| 

3 




180 

12*Z 

iKSI 


Ss 

*7 

11*2 


200 

4 

■M 

12), 


21 

23 

Lomko 

300 

52 

60 

67 

pa 

pa 

wqm 

(-344) 

330 

32 

41 

50 

EM 

EHri 

'EM 


360 

14 

23 

32 

EM 

EM 

Efl 

MKSaixl Bk 

500 

— 



87 





25 

(*538) 

522 

23 

45 

57 

35 

47 

X 


550 

23 

45 

57 

35 

47 

52 

Sews 

140 

30 

35 

FS 

Bfl 

PS 

_ _ 

1*16® 

160 

14 

21 

EM 

Bfl 

Bfl 

11 . 


180 

5 

13 

EM 

EM 

Efl 

23 

Tdsae 

1B0 

— 

— 

» 

— 

_ 

12 

(*185) 

US 

13 

23 

. — 

8 

10 



200 

b 

16 

21 

20 

?2 

22 


220 

2 

10 

15 

JO 

40 

42 

Tnsdau Forte 

240 

38 

44 

SO 

2 

Bfl 

9 ' 

1*271) 

260 

34 

30 

31 

7 

Ffl 

16 


200 

14 

20 

28 

17 

EM 

26 • 

Thom EMI 

650 

% 

972 

EM 

10 

u 

23 

1*702) 

700 

40 

67 

mm 

ffl 

37 

42 


750 

2D 

45 

Oi 

57 

62 

70 

(Merer 

600 

SS 

77 

87 

14 

23 

30 

(*628) 

660 

27 

47 

60 

38 

45 

52 


700 

12 

30 

42 

75 

77 

82 ■ 

Weflcanw 

500 

75 

ETHi 

BZfl 

12 

23 

32 1 

(*555) 

59) 

45 

65 

Lfl 

32 

43 

52 i 


600 


45 

oL 

60 

70 

78 j 


OptlM 

E3 

I7TH 

o 

o 

o 

Efl 

E3 

ri 

FT-SE 


218 

295 

— 

— 

2 

6 

— 



2200 

170 

190 

711 

— 

5 

U 

2D 

— 

(*2350) 

2250 

.123 

150 

175 

wm 

8 

20 

30 

— 


230Q 

M 

115 

140 

165 

1/ 

33 

45 

S3 


2350 

50 

82 

UU 

135 

» 

» 

63 

/J 


2400 

25 

57 

» 

105 

68 

m 

90 

90 


2450 

13 

40 

63 

K> 

108 

115 

till 

127 


Ooobtr 7. Total Crowds 50710 fate "Afiil- P«S 3), 779. 
FT-SE Index Cafls 2070 Pub 3.960 Hlntairiug saorily price. 


British Funds 

Corporations, Dominion and Foreign Bonds 

Industrial! 

Financial and Properties 

Oils 


Plantations. 

Mines 

Others 


Rites 

Fails 

Same 

49 

37 

26 

4 

15 

36 

299 

737 

544 

85 

- 277 

263 

13 

61 

40 

2 

3 

9 

49 

54 

91 

31 

165 

52 


Totals 


532 


1.349 


XOfel 


LONDON RECENT ISSUES 


EQUITIES 


(see 
. Price 

Pah) 

ro 

Lafal 

Rcmoc. 

One 

IW 

Stack 

CtoshQ 

Pntf 

IB 

Nrt 

Dra. 

trira 

Zon'd 

Cm 

P.L 

8aU 


!Q 


. 4130 

FJ*. 

FvTn 

170 

154 

ArialOp 

156 


L3.8 

22 

33 

15.9 


F.P. 

— 

2b5 

221 

Alexander <W) 

263 



425 

29 

22 

215 

175 

F.P. 

bOl 

240 

215 

Anglo Leasing lOp 

230 

+5 

L25 

L9 




ej>. 

Z3-10 

27 

21 

AUriric 4«ts Wmt* — 

27 




B 


$105 

iza 

— 

135 

UO 








4100 

FJ». 

— 

170 

148 


167 

+12 



m 


50 

FJ*. 

9W 

U0 

58 


98 

-3 

10.75 

2.4 



$10b 

FJ*. 

— 

160 

135 

♦DoMUn Pack 5p 

150 

-3 

L2X 




10 

F.P. 

11112 

13*4 

10 


12 *» 

-*j 





Nil 

FJ». 

— 

268 

253 


268 






32 

F.P. 

3000 

42*, 

32 


« 

+2 





** 

F.P. 

— 

67 

62 


62 








100 

FJ*. 


107 

9/ 


97 








t'K- 

E23 


22 


22 







fl5 

FJ*. 

— 

128 

m 

+Marcol5o 

124 

+1 

L2_3 

22 



— 


— * 

98 

55 


90 






4100 

FJ*. 

— 

108 

103 


108 









4/8 

313 

185 

#Parinnay5(L — 

313 

+8 

R13 




{1058 

F.P. 

— 

S21'« 

S15 

Portugal FunfSODl 

S17* 




■Mfl 


Tl 

F.P. 

— 

12B 

105 

*Srecun HoWfajs 

117 

-1 





130 

F.P. 

— 

207 

180 


207 

+22 

R4J) 




— 

FJ. 

2&A 

118 

101 


108 

-2 



■■■ 


f87 

F.P. 

— 

98 

86 

■HIRS Intl.SOJI 

88 

-2 





f60 

FJ*. 

— 

93 

85 


Bb 




ttt 


UR 

F.P. 

““ 

166 

143 

KlalZ LlSSi 

160 

-1 

LLS 

3.7 

13 

290 


FIXED INTEREST STOCKS 


fat 

Price 

£ 

Amoux 

Paid 

V 

Lam 

name 

1987 

Orie 

n 

CM 

UH 


— 

Ufa 

mrm 

100 


— 

6***" 

Era 

300 

FJ>. 

— 

10143 

99p 

lOOp 

F.P. 

— 

102d 

97P 

n • 

FA. 

— 

145p 

Ufa 

— 

F.P. 

— 

100ft 

99ft 

— 

F.P. 

— 

U0>t 

99a 

1 

■J 

— 

9*ax»a 


loop 

wrm 

— 

Ufa 

Ufa 


5mft 


AGBReseartltLZVCiN. M. 

AUlrt LM. Pro ns 5V* Cr.RLPf. _ 

Brit & Cam 4taxjCa.IM.Prt 

OwWffiridPromStaeCr.CB. Prt. . 

Merthi imL Csm. Rm. Cm. Prt 

Ntadi Anpa 10!] k.U.908 __ 

DB.lD%Bc26.93a 

HtxiSVS.Cni.a003. 


MMnwnli Tit 7% Cm. Crr. RrA W. . 


Dows 

Prti* 

£ 


109b 

-1 


-2 

99p 

-*» 

lOlo 

+*r 

Ufa 


100 


«!i 


SVim 

-l*i 

Ufa 

-2 


“RIGHTS'* OFFERS 


1 


Ln at 

Price 

ESI 

Reuuoc 

Efl 

Date 


Ml 

601 


Nil 

6/11 


Mi 



NH 

1901 


Ml 

1201 

kTh 

N)l 

— 

90 

NH 

3000 

761 

Nil 

201 

637 

Ml 

201 

75 

Ml 

mo 

335 

NU 

3V10 

136 

NH 

fvh 

40 

Nil 

27/11 

45 

N3 

um 

400 

Kfl 

1301 

425 

NO 

1600 

210 

NH 

1801 

200 

NB 



a 

NH 



& 

NB 

Nfl 

1001 

390 

nh 

1801 

248 

Ml 



150 

NH 



425 

NH 

1301 

300 

NU 

1101 


1987 


High Low 


108pm 

80pm 

158pm 


Stuck 


] AntaL Fin. Inv. _ 
Ariejr. 

BowthapelOp. 

COFCUete 

QmajrHrnxlp . 

Ca«ra(WJ_ 

faAN/V 

Forward TedBotonr- 
DrecenWiRn^ 
HwrtsiPtaip. 
HynaaSp. 
hwo, 


mt np ♦Pndfic Sdcs 10p 
340pm PrrzTaoh .. 
3%mn PraptriyTrMlp. 
46i« dOrota — ... 



;tf OMcW Lrodro Bstfap. U fadwHnp ramats 
j N a um romprfatag 2 Ord Shares & 1 





















































































































































































































































































































































Financial limes Thursday October 8 1987 0 


WORLD STOCK MARKETS 




AUSTRIA 



JAPAN (Contbaed) 


October 7 

Putaa 

Np% 

+ ar 

Battles HMbs 

1060 

-20 

Cop Handetaw* 

B. Stedcerteb 

254 

334 

+2 

+17 

Pm Pnnsfcg Banfc 

135 

+3 

East Asiatic - 

215 

+9 


950 

6NT HofcHon — . 

2S5 

+17 


850 

490 

— s"* 


2S4 

2060 

+2 

+20 



+3 



FINLAND 



OctatMr 7 

Plica 

Mka 

+ ar 






+235 

+1 


2485 

885 

Floated Sagar 

Jg™* 

UU 

+2 

PaMteaV 

2285 

+4 

Bxmna-RepoJa____ 

3U 

-0J5 

Stockmann *8* 

286 




+05 


Ml 

2645 

. WarUtta U1D 

-1 


ITALY 



Odatar? 

Prtca 

UK 

+ ar 

BtacaCon/ia 

Banogi-IRSS 

2825 

41025 

+4 

-175 

+90 





+17S 

+900 

-50 

-13 

-25 

Gcoerafl Askar 
ItalcMHad 

109,400 

UX450 


2340 


5870 

4360 


WrteBSp. 

—30 

SoteBPD 

3460 

3558 

+10 

+40 





I NETHERLANDS 


lACFHoMtog. 


FRANCE 



AEfiON 

Mold 

8720 

102 

AKZO — 

174 





Sudnara-TK 

6350 

Oonitschr Pm. 

241 

Etewier 

saw 

-okfcer 

37 JO 

CtetBracadcs 

Hatetec— 

1TL20 

4680 

Kumer Powr 
IHCMtaod 

6780 

2320 



+4 

NcdUoyd 

OccGriateo 

Omnerai (Vknl 
Pakhoad _ 

191 

364 

s* 

+10 



in an 

—2 



—12 


10720 


Basi*** — 


-20 

-30 

T 

i 

ii 

as® 

92 

-1 

-U 

Wleaaaen J 

Wtetan Khmer J 

9230 

CO» 


15*50 


NOT WAY 


Ortikar 7 


Bgroamaik — 

MM 

CtemtanteBk 

Dm Norsk Cra*—. 


Hafmn 

16300 

NortkPaU 
NonkNydra 

29600 

24400 


0680 



MOTES — Mas an Ms mw w as 
«MBI on the MvMnt art wg a M 
«t tea traded prices, d DcolteBS MB- 
pasted- te Ex ArMead. c Ern^liK. 
r Eir)gto.a Exalt ' Price to Kroner. 


OVER-THE-COUNTER Nasdaq national market, closing prices 


Stock 


Sabs Kgh too tact dog 
(Hath} 


Continued from Page 43 


OcuUrg 
OgHOp 84 
OnloCsslflB 
OkflOrtS 00 
Otdflap0lb 
Omnlcni .96 

OneQc >10 

OnePrc 

OpttcC 

OpUcB 

Orades 

Orttt 

Orgngn 

OahBA -54 

OsMcTB SO 

OOtTP £02 

OwenMit.38 


188 
r 1.60a 
M.aoo 


11 % 


700 12% 

19 833 OS'* 

8 110 44% 44 

9 388 25% 847, 

TO 140 2B% 2B% 

182 Z71, 2714 
8 747 16% <04% 
Wi 18% 
17 1B% 

' 23% 


22 % 

a* 

30 

19% 


3 88 


rC 1 

rtrtJOO 


1.12 


s .48 
1.04 


1 .09 


895 
85 81 
21 317 23% 
833215 34 
9 214 7 

312 24% 

21 153 70 
9 181 27% 

W 139 38% 

14 154 20 

P Q 

144 7 8% 

39 T23 35% DS% 
131878 47% 48% 
W 283 78 75 

4 757 19% UP* 
32 787 10% 10% 

27 183 30% 30% 
56 16% 19 

18 340 14 13% 

49 280 30% 30 
67 1234 23% 23 

13 53 31 30% 

18 367 26% 27% 

15 545 22% 20% 

43 113 69 86% 

447 17% 16% 

125478 28% 27% 

8 218 11% dill 

28 1B0 34% ‘ 

942 3% 

38 781 28% Z7% 

183086 19% d18% 
18 32 17% 17 

Hi 528 *% 
301048 29% 

8 ZB4 18% 

23 344 40% 

22 124 16% 

23 258 15% 

254 3% 

31 1442 44% 

» 443 37% 

92 10 11 ' 

9% 


34% 



RPM .72 
RadSyaJOa 


RgcyCr > 
RgcyS 20 


ko 

25 84% 

16% 18 
15% 15 

11% «% 

R R 

21 262 24 23% 

233711 13% 12% 

2S 825 12% 11% 
34829-15 27*19 
56 325 8% 57a 


11 %“ % 
36% - % 
44 - % 
2«% - % 

Z7%” V 

W%+ \ 
17 + % 
23 - % 

?=.* 
88 %- % 
26% - % 
381. - % 
«%- % 

6% “ % 
85% — % 
47%+ % 
75 -1 
«% + % 
S' s 

30% “ % 
Wi- % 
13%-% 
30% 

S" + ** 

30% 

26% + % 
21%-% 
68% - % 
n - % 

27% - % 
11 % - % 
34% — % 
3%+ % 
29 + % 
M%- % 
17%+ % 

58 

v-\ 

16 - % 

16 

3 - % 
43% -1 
36% +1 
11 

B%- % 
«%“ H 
22 “ % 
23% -1 
42%-H. 
27% - % 
10% - ’2 
7%- % 

a:? 

S^i 

15% - % 
11%+ •% 

23% 

a + % 
11 % - % 
27-19- % 
«%+ % 


Sank 

Stem 

n* 

Law 


8ta40 



Ftofllnm 

25 41 

20 

19% 

Regiac 

B 2Z7 

15% 

U>| 

ftePW 

68 

«% 

15% 

BapAmOBa 

14 898 

17 


RaiterH J6a 

1396 

« 

06% 

Raaon 

14 BIB 

7% 

7% 

Raynv .78 

14 531 

29% 

26% 

RhoaPI 

BB 

36% 

35% 

RMtei 

195 

8% 

V, 

RohmHLOto 

81 

16% 

w% 

roooswiw 

31 22 

26% 

26% 

naadSir1.W 

20 502 

40% 

39% 

nochCSOSa 

755 

12 

11% 

HgiCbA 

RavttFd 

23S7 

189 

£* 

s 

Roaptch.15) 

278 

22% 

21% 

RoaaSfr 

474 

7% 

7% 

Bousaa .47 

79 223 

25% 

24% 

RayGM 

302 90 

14% 

14 

nortw 

W11 

B 

»i 

nininlTt 

IlfWI 

461154 

j 

13% 

5 S 

Wl 


Low last Qng I Sack 


80 87s 

SCORU 

8Eto 

SHL Sya 

SKFAB1.47B 
SPd+1 .07 
Satobta 071 
Safoods 2* 


SJuda 


2BW19 20% 19% 

14 121 13% 12 

208 17% 17 

830 23% 23% 
123 60% 58% 
33 16 15 

1261 27% 28% 
1314485 12% Iff, 
9IK2 34% 

25 36 12 

20 549 29% 

265 12% 

115821 64% 

27 487 15% 

357 20% 

19 445 31 
18 82 15% 

21 153 44% 

B7 894 12% 

20 95 6% 

9 10632 21% 20% 

25 1 27% 27% 

27 1154 25% 26 
291 10% 10 

Safin* JO W 59 16% 16% 


StPnutXtTS 

Stefck 


« 

a 

S41 4 

147 B 

19% 

30% 

15% 

44% 

3 




SUUMf 


SvOok .16 

SUrttoS .72 
Start* £04 
Shoney .16 


SlgniM 


SWcVte 

meat 

BtvStMn 

SiMAJr 

Steer 

SndiFb 

•WO 
JB 

So8»A 
GfNPb 
SenocPs M 
Sonora 
SCOfM 56 


8 89 

231592 11% 

548 W% 

8458 7% 

15 121 12% 

13 611 26% 
231039 47% 
321179 28% 

« 411 11% 

21 273 26% 27% 
31 289 47% 48% 
SB 435 20% 10 
53 953 24% 23% 

8010*5 14% 13% 
53 68 13% “ 
31 445 10% 

33 38721*16 

0 357 m 
231304 Ws 
13 22 20% 

10 857 37% 

8 76 21% 

17 174 13% 

17 425 11% 

20 318 29% 

868 8 % 

12 600 26 


24% 

™4 

«% 

8% 

S" 

25% 

47 

27% 

11 % 


p 

9% 

19 

20 % 


21 % 

IP 

2S% 


W%- % 
IS - % 
«%- % 
Wj- % 
68 %+ % 
7% — % 
29 - % 
35% - % 
6% - % 
«%-% 
28% + % 
®V “1 

in* - % 


21 % - % 
7% . 

3S%+ h 
!4% 

9 + % 
«% + % 

1W.- % 
12 -1% 
17% — % 
23% „ 

eo% + % 

W + % 
26%- % 
12 %+ % 

a-% 

29% + % 
12 %+ % 
54% 

15%+ V 
20*4 + % 
31 - % 
13% “ % 
4414 

n - % 
6% — % 
20% - % 
27% — % 
25%+ % 
10 %+ % 
w % 

25 - % 
11 % - % 
18% 

7 - % 
13%+ % 

26 + % 
47% - % 

.28%+ % 
11% 

27% -1% 
48% 

20 

23% — % 
14%+ % 
73% + % 

?*-’ 
9%- % 
WI, 

s* + ? 

38% - % 
21% - % 
13%+ % 

n - % j 
2®, -7% 
8% ! 
25% - V 


Sauna 

SohMSv 

a>mw( .66 

Sovran 144 
Spam 

Sp«cd» 

Slnndy 120 
StdMlc 
Stdftags 44 
StrptSvl.431 


StwScs 20 
StewSb. 
Stain! .78 
Straus 
Suwoa 28 
Strykro 
SUdLvt 
Subaru .38 
SuNFkt 20 
Smiths. 72b 
StinGrd 
SunMic 
Sonwats la 
SjitnbT 

Symottc 

Syotln 
SyaM? 
SySofnr 
SyxtnS .12 


sun iflgb Law 

0U» 

750 m 23 1 , 

3» 14% 

9 146 21% 
101817 37% 

114 TO 
61 202 44% 

2i 4t a 
375 13% 

23 628 26% 

161 17% 

14 Gi6 28% 

15 326 25% 

21 70 25% 

B 142 16% 

43 2251 32% 

15 13 44% 

32 352 24% 

8 76 

77 778 10% 

16 48 12% 

18 177 90% 

27 125 18% 
377027 41% 

10 7 33 
60 703 40% 

eat 3% 

11 402 11% 11% 

13 275 7% 8% 

104 22% 21% 
SO 90 29% 29% 


lad dog 


22 % 

141, 

21 % 

3 

44% 

51% 

13% 

281, 

18% 

28% 

«% 

25 

18% 

31 


78 

10% 

12 % 

30 

18% 

38% 

3% 


04 


TBC* 

TCA 
TC8Y 
TCP 

TMK .20a 
TPI Bi 
TS tnda 
TSO 
Talman 

Tendon 

TchDtas 

Taknwd 

TtonAx 

TtCmwt 

Taharda J4 

Taknatc 

Tetabs 

Tolxpo .010 

TaeniU JH 

Teradta 

3Com 

T0W0F6.19I 

Toppa .17 

TWApt 

TrnUua 

TrtSlnr 

TrtadSy 

Trimad t 

Tam 128 

ZQCnki 22 

TjeoTy 

Tyxora 

USTa .43 

im. 

UnotaA 

um 

UnPWrJO# 
UACm JH 
UBCol 54 
UHMCr 
UtdSvra 72 
USBcp .80 




27% 

11 ' 


17 3 13% 

68 517 26% 
241802 12 
22 124 10% 

12 217 10% 

572 4% 4% 

W 99 34% 83% 
9 428 10% 10 
940 10% 

32953 3% 

25 483 16 
177160 12% 
466243 25% 

BO 56% 

47 713 46% 

55 30 131, 

25 690 19b 
222012 22 

18 16 90% 

734 23% 

34 Sim 24% 
816493 72% 

153 21 

1 DO d» 

31 S99 26% 27% 
28 475 ISj 
24 220 13% 

321 16% 

(2 20 31% 

17 438 20% 
115938 14% 
201764 20% 

U U 

15 40 28% 27% 
21 88 14% U% 
31 1637 £% 

231234 20% 

14 101 32% 
2271013 2714 
371037 23% 

18 4B9 6% 

8 125 20% 

101801 27 


*% 

3% 

255? 

Si 

12% 

18% 

21 % 

301, 

22 % 

24i, 

20 % 


15% 

13 

13% 

30% 

27% 

W% 

19% 


18% 

31% 

27 

% 


12“' 5 

2P 

m 

w%- % 

SPiJ 

fa,-” 

38%- % 
«%-% 
78 + % 

32* 

30% 

18%-% 
41 + % 

33 - % 
^ 

l8 

7 — % 
21 %- % 
29% - % 

2?» + ^ 
ZB 

11% - % 
101. + % 
10%-% 
* 

18 +1% 
13 %- % 
2S%+ % 

13%+ % 
16%+ % 
21%-% 
30% “ % 
231,+ % 
2*8 + % 
71 + % 
21 + % 
30 -1 
27%-% 
16% - % 
1314+ % 
16%+ % 
31% - % 
27%-% 
«% 

201 ,+ % 


28% - % 
!«,+ % 
9% 

16% “ H 
32% + % 
27i,+ %; 
23 - % j 
6% 

20% „ . 
wi- %r 


Sack Sakx tajb law 

Bted*} 

US HIK .W 11 4740 8 d 7% 

US Sur .40 22 413 31 30% 

US TlS 1 14 964 44 43% 

22 780 20% 191, 

55 10 33 33 


USMn 
LHiTaiev 
llnvFra.036 
UnvWi J3a 
UnvMaCLSQ 


VBand 

vu 

VLSI 
VM Stta 
VWR JO 
VatldLo 
VaMU 1.44 
VanGU 
VOroneg 
Vleorp 
VlawMa 
Viking 
VI pom 
VtraMfc 
Voho iJ4a 


WD4D1J2B 

WTO 

WaBm A0 
HtoftEarjB 
WFSLa JO 
WMffll JO 
WnlrtGI 44a 
Wansind.OBa 
WausP AO 
WbntFn.05e 
WeJbtts 
Wall urn 
wemar .04a 
WstAid 
WMCap 
WMFSL-10a 

WnWcte 

WatnPb 

WITO 


WmorC JO 

WBMOa 

WWra l.04b 

WltaiTeti 

WiflamlLOB 

WUAL 

wuSfSJBa 

WBmTs J4 

WHanF 

Window 

WUCfO .40 

WBIohn 20 

WCYS .15a 

WOW 

Wortbgs .40 
Wyman JO 
Wyn 


16 235 18% 17% 
19 71 7% 7% 

15 3S7 5% 5% 

V V 

33 407 41% 40% 

1221 5% S>t 

131 733 10% 15% 

23 928 IS*, 14% 

10 160 27% 28% 

263 1259 5% 5% 

54 191 38% 38% 

265 8 7% 

919 6% 8% 

299 10% 10% 
12 121 8% d 8 

18 61 18% 18% 
1051622 26% 26% 
1071 29% 28% 

1580 66 84% 

w w 

34 145 35% 34% 

23 323 22% 21% 
12 623 26% 26 
W 164 18% 

8 142 30 a 
42926 25% 24i, 

16 81 21% 20% 

19 WH 22% 21% 

12 88 32% 31% 
49 10% 10% 

14 41 2d, 20% 
91 30% 30 

22 45 20% 201; 
33 141 13% “ 

11 411 17% 

8 9 30% 

23 44 23% 221, 

20 185 15% 15% 

14 106 18 17 

364 19% 1B% 

13 78 21% 20% 
» 77 25% 25 
J7 71 49% 48% 

2308 23% 22% 
U 606 80% 50% 

15 HI 21% 20% 

26 13% - 

14 80 29% 

261473 10% 
tr 544 11 10% 

117 34 17% 17% 

U 232 15% 15% 

313 13 12% 

1746 7 6Tb 
23 243 24% 23% 
ISO 18% 17% 

233943 37% 36% 


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"S teWte Oaater 3 : Jtena WfekH K00659. TSE 02353 
Bue vatea of tel Mien am 100 caccM Bnnwh SE-LOOO JSE GoM-2S5-7 JSE iiNkatriaB- 
2645 and AMWU lx. All Ontaary and Metxh-500; NYSE Ail Common— 50; Sundxn) and 
Poor’s— 10: aad Tomato Caupodt* and Metals-- 1000. Taranto indices based 2975 and Monuni 
Portfolio 1/1/83. T ExcMUng booth. 1 400 ladastrials pins 40 Utilisics, 40 Financials and 20 
transports. (cJ Cased, (ir! UmaHabie. 


TOKYO - Most Active Stocks 
Wednesday. October 7. 1387 



bang 

tongs 


Stacks 

Deter* 

BMaga 

PlttM 

oaDay 


Traitod 

(Vu) 


425 

- 4 

bbi Sosbvb Knika ._ 

2503a 

887 

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23.88b 

ns 

- 15 

■oa 

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*48 

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Htxubiibi Bsc — ... 

15.49m 

GG8 

- 13 

2JU 

- 40 

Toay 

16.19a 

BBS 

- 32 


¥ rkxmn\T Chief price changes 
I A 9 r\l I Jl. Jill (in pence unless otherwise indicated) 


DTcre* 

Aberd. Const 353 

Blenheim Exfaibs_.660 

Crystalate, 263 

Debtor 448 


+ 13 
+ 30 

Dee Corp 

219 

+ 12 

Dickie (J.) 

Ferranti 

185 

146 V* 

+20 
+ m 

+10 

Ftnlay(J.) ... 

128 

+13 

+16 

Fisons 

379 

+ 16 


Grand Met . 


.581 


Higgs &HiU 430 

Llyds Chems — 225 

Maunders (J.) 339 

Royal Ins. 588 

TACE 450 


+ 13% Tech. Comp. Inds... 570 + 92 

+ 27 Thames TV 493 +13 

+10 

+ 9 FALLS: 

+ 13 Equity & Law 444 - lfl 

+ 10 Johnst.Gr 540 -105 


Stay in tune with your markets 
— ahead of your competitors 


“T 

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FINANCIAL TIMES 

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■- ■ (undua-Fn&Asi 1— — — 














































































42 Financial Times Thursday October 8 1987 

“ •••” NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


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P/ SI* Don Pm. 

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ARX s 11 390 11 10% 11 +% 

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43 189 31% 207, 2|% - % 

17 31 5418 58% 57% 60% +1% 

353 37 25% 26 -7, 

26 16 548 I57„ 15% 15'* 

33 58 38 9% 

16. 191 22% 

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24 17 87 26% 26 26 -% 

9252 23% 22% 23 


5 5 


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RltFI a! 106 
RacnEq 
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ReyMs 00 

RttoAld 06 
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Rubmd 08 

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RusW a -20 
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26 1547 7% 

70 3446 5% 

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20 15 1656 61 
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156 18% 

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254 157, 15% 15% -% 

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158 9% 

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167, 12% StrlBcp 00 
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497, S3 Stevnj 100 
371, 27% 6MWnf06 
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59 11 22 X 35% 36 +% 

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6.7 S7 87% 52 02% -% 

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312 0% 0% 8% -% 

1.7 14 76 IS 18% 187, -% 

50 W 550 11% 11% 11% -% 

11 204 297, 29% 29% +% 

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20 13 52 36% 34% 34% -% 

20 18 314 34% 33% 34 

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20 15 92 34 82% 82% -1% 

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3 10 10 97, 10 

10 18 200 33% 32% 32% -% 

11- 11 IX 13 12% 12% -% 

4 3356 2% 2% », -% 

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10 16 224 45% 44% 45% +% 

9 49 9% 9% 9% -% 

80 102 «% 9% 0% ~% 

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37, 1% Takaxn 

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801, 35% TidflM a .72 
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25% 23% ToiEd pO-SI 11. 
32% 27 ToiEd pO. 72 13 

32% 27% ToiEd pCL7S 13 
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11% 8% 
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437, 337, 
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UNClitt 16 345 11% 

UNUM nJOo 1 3 isei 231, 

URS .961 4.9 19 155 X 

USFG 2 40 82 9 2206 401. 

USFG p)4.10 60 65 52 

USO 1 12 2 1 13 70® 55 i, 

USUCOB6 34 11 158 26% 

USPCIa X Xi M% 

U5T a 1X 44 14 1060 277, 

USX 1.20 3? 1017937% 

USX pf4 24* 85 262 51 

USX pr 350 59 140 Ml, 

USX wl 675 4*, 

Mania 21 143 34% 

UmFrat.20 .7 16 5 28% 

Unltvr t 19 <3% 

UnNV 4 17 1799 <£% 

UCmp Si 16 26 19 3&X 45% 

UCarb ISO 45 8 11010301, 

UnionC 

UnEleci 92 
UnQ PCX 10. 

UnEl pC13 0 7 

IMS pi 7.44 10. 

UB plH 8 It 

Uncap IKe 
UnPae 2 


UnPc pr7X 4.6 
UnTeit n 
UnfadFsX 
Unisys s SC 
Umey pO.75 50 

Unit 


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2579072*, 
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2 6 17 2270 70% 


270 160 
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2 1249 12636%% 
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347 a 

LIAM 30 13 22 51 IP, 
UnBmd BO 1.5 12 28 35% 

0147 453 26% 

014 * 


UCbTVa.06 
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UIIUi pr220 10 

IHBu pi IX 14 
Un«fnd6«b 34 
UntHrm .7 

LUerBk X 
UKtng n 
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USHom 
USLeaa £8 
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USWesOJES 
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Unleda 20 
Umvar X 
UnvFdfiX 


UMtcn n 
Unocal 1 
Upjohn*. 60 
USLIFElX 
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151 25% 
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3.7 11 516 253, 

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UStck pHOO 12. 21 10% 

UnTecH.40 2 5 66 4537 56% 
LhnTal 1 92 &4 i,BO 30% 

UWR 1 .78 4 1 17 X 19% 
15 107 12% 

B 35 43 25 

2.6 16 211 33% 
UnvHRnOGe 6.4 igg 10% 
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77 123 a% 

2 7 S3 4463 38% 

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11.9 12 9% 

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UtillCoal.O*b 6.1 9 256 17 

UtflCo pC.44 11. 2 22), 

UBICO prZ^I 10. 5 25% 

V V V 

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VaBH 294 14% 

Valero 507 8*« 

Vale, pT344 13. 33 27 

Vale, pQ.X 8.4 IX 25 
VaWG n67a 2.7 11 i«3 25% 
Valaytn Di 50 3% 

VonDnd.15 32 17 e 36), 
Vorco 1086 67, 

V Brian £6 JIN 48B 37G 
Verily 6974 3 

Verity pH .30 62 340 21 

Varo .40 2.9 18 70 13*, 

Veeco .40 1.0230 12! 21% 

Vendo 54 7% 

VestSoIXa 9.8 31 121, 

Vestm 59 57, 

VaEP pT7.72 10. *712077% 

VaE pU7.72 10. z2S0076% 

VaEP pf720 9.9 ziX 72% 
VaEP PT7.4S 99 Z4X 75 
VtataylAS 69 15 a 22% 
VlslaC n.05a .1 22 294 52 

Vena 224 11% 

Vornad 20 22 85% 

VulcM 3.40 2216 3 IX 

WWW 

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WMS 134 61, 

WackM .60 24 29 97 24% 

Walnoc.10a 13 IX 7% 
Wad Mi s .12 A 39 10711377, 
Walgm 94 1.4 25 612 X% 

WalCSvX- 12 19 041 40% 
WMU SIX 2.0 15 214 50% 
WarnC 40 1.1 22 3254 37 

WmC pOJB 5 A 68 68% 
WnmrLI.BO 22 21 184301% 
7.0 10 323 24 
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10 188 26 


52 

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WasnGd.BO 
wahNaa.0B 
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Wastes X 
watkjn.40 
WeanU 
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WuMTl .44 
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WalF pi 3» SD 
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WlPlP s 13 429 30% 

WsMTgX 13 31 13% 

WCNA 2031 17, 

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WatnSL » 1J 11 203 2C, 
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WW0E 172 2.4 15 4503 721, 

WKvc ■ 18 1156 uX% 

WoyorM.30 2-5 » 4416 52% 
Weyar pr2.62 57 73 40% 

viWtiPn 202 07, 

Wlirlpl al.10 3.1 14 1945 X 

WniMI 41 135 21% 

vmlnak 1 2.7 11 SO 37% 

WKkoan 6 1746 1G% 

Wick Wl 65 8% 

Wick P1A2.50 0A ID 26% 
WIKrad .12 22 23 ID 5% 

J 21 X 20% 
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10 660 0 d 
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30 17 266 40 
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WlscPl3 12 57 11 101 46% 

70 11 IX 221, 


wincOs 22 

wiiiiami.40 

WllaltrO 

WlncMnXB 

Winlak.lta 

WinDKI.06 

Winnbg A0 

Winner 

WhiEn si. 44 


WVsPS 91-54 


Wltco 1.12 2.7 14 70 41% 


WotnW 
Midi 913? 

Wot* pBJO 1.6 
WrWCp 
WrtdVi 
Wrlqty 8104 
WuriCr 
WyleLb 02 
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44 82 12% 

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41 107, 

10 20 201 60% 

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IO 35 179 21 
2.1 23 74 28% 

X Y Z 

Xerox 3 4 .0 17 <349 701* 

Xsnu p154S ID. 10 54% 

XTRA .54 21 24 627 301, 

XTRA pH .94 60 40 u2B% 

YortJn 16 010 32% 

2apau 726 S 

2syre .40 12 12 6829 34% 

Zamm .40 25 10 X 15% 

EenfltiE 103 1200 26% 

ZenLab 1507 7 

ZanNU .60 3.7 13 24 22 

Zara X IO 19 IN 19% 

Zemin s .68 20 10 334 26% 

Zwe*o Obo 60 968 H% 


at* 

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Lew QumCtea 

27% r?% *% 
IO*, 11 -% 

23% 23% -% 
15), 10% -% 

40 <0% - % 
51% 51% -% 
54% 54% -% 
X X 

25% SS% 

26% ZJ% -% 
j6% 37% 

»% »% -% 
50), 50’, -%• 
4% 4% -% 

M% 33% -1% 
28% £0% -% 
41% 42% ♦% 
66 6C% +», 

*4% 44>, -1% 
2Q7, 301; 
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S3't 24% -1, 
Mi, 22% 

:r, 217, -% 
<T27, 72% -1, 
d*8 75 -J, 

19 19 

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157 157 -3% 

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75% 75% -% 
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21% 21% + c. 
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46% 49% 

Mi, 30'; -% 
57% 57% 

12% 14 +2% 

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107, 19 
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343, 35 - % 

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37', 37S. -Hi 
41% 41% -2% 
373, 36% 

9% 9% 

29', 29% +% 
167, 17 + % 

22% 22), 

25% 25% +% 

35), X% -1% 
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0% 8% -% 
26% 27 +% 

d24%24% -% 

25 25% -% 

3% 3% +% 
38% 36% -J, 
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20% 21 

13% 137, +% 
21 % 21 % -% 
7% 7% -% 

12% 12% 

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75% 76% 4 1% 
72% 72% +% 
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22 % 22 % -% 
50% 50% -1% 
11 % 11 % -% 
» 95% 

153 153 -1 

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34% 34% ~% 
T% 7% -% 

35% 37 +1 

38% 38% 

47% 40% +% 
66% 09% 

35% 36*, 

67% 67% 

79 60% -1\ 

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32% 33% “% 
25% 26 +% 

44% 45% +H, 
37 37% +% 

27, 2% 

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19*0 107, -% 

26 SB +% 

41 41% 

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501, 50% +% 
S27, S3 

17% 177, -% 

* 19% =i 

47% <7% 

29% 30% "% 
131, 13% 

1% 17, 

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16% 16% +% 
19% IB', -% 
3% 3% -% 
19% 20% 

20% 31% +% 

2* & -ji 
2% 2% —% 

117, 11% -I, 
71 72 +% 

35% 36% 

51 51% 

45% 45», -% 
9% 9% -% 

35% 36 +7, 

21 % 21 % +% 
37% 37% -% 
16% Hi, -% 
6% 8% +% 
281, 20% 

5% 5% -% 

26% 25% -% 
347, 35% +< 
7% 7% -% 

2 2 :* 
47 47% +% 
n% a +% 
2% 2% “% 
25% 25% 

26% 26% 

46% 481, -% 
22 22% 

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12 % 12 % -% 
467, 47% 

134 134 -7 

9% 9% -% 
18% 107, +% 

se » ~% 
2% 2% 

20% -% 
26% 28% +% 

75 75% -7, 

54 54 -% 

29% 297, +% 
26% 281, +% 
»% 32% -% 
4% 4% -1, 

33 33% -1, 

15% 15% -% 

6% 5% -% 

21 % 21 % -% 
«H i£s -% 
25% 26% +% 
W, 10% 


AMEX COMPOSITE CLOSING PRICES 


/' 

V \ 

Closing prices. 

October 7 


9/ Sb 

sad ftv E KBi High law Ona Osgt 

AT0E 316 ISO, 19 H - % 

Actons 5? 207, 20 X -1 

AdRuan 3N 52 42 41% 42 + % 

A'ptialn IX 0% 0% 0% 

Alza 1621104 37% 38% 371,+ 1, 

Amdahl .X 26 1447 47% 46% 41% - % 

AUZ0A 52 10 394 24% 23% 24 - % 

AMicB .52 10 9 221; ZTt 27% ~ % 

AI< Bid 345 3% 3 3% 

APnf 16 105 741, 72% 72% -2% 

APrec .20 60 7 U% 14% 14% + 1, 


AmRoyMMe 4 26 0% 
ASc.E 


Andal 

AndJcb 

AnCmn 

Arrmm 

Arunei 

Aynrfl JQ 

Astrotc 

Atari, 

Aits CM 
Attaswt 


C: at, - % 


* 

4% 

41, 



175 

r-’s 

S*t 

2*,- 

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32 

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81, + 

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1 

1*4 

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12 




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61, 

9, 


350 

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7- 10 

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t-16 

203 

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ID,- 

V 

3C0 

1J* 

1% 

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X 

25% 

243, 

25% + 



BAT2T0 

eanstni 

BeryRG 

BeigBr 

SIcCp 

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B B 

14 9791I7-1B 115-16 
14 10 9*g 


115-10 + 1. 
*%- % 


12. 71 54 11% 11% 11% -% 

9 538 32% 32 32% -% 

58 16% 18% 16% -% 

2586 427, 417, 42 -% 

25 23% 23% 23% -% 

15 21B 13% 13% 13% 1% 


73, 

373, 


52 87, 8% 8% 

X 21% 21% 21% 

74 11 10% W», -% 


344 33 
122 0 % 
143 11% 
IK 30% 
47 an, 


32% 33% 

9% 9% 

107, 11% +% 
30% 30% + % 
20% 30% 


16% 11% TmCdafll.18 

15% 7% Tmseap 3 X 77, 

50 35% TranscdJS U 838 38% 

57% 46), Tout pH.75 9A 2 «% 

18% 8% TranExl.78 1& 5K 0% B% 

8% 4% Tranacn 110 4% d 4% 

5¥% 41% Travlei2J6 5.1 B 1513 45% 45 

571, 51% Trdv pM.16 7.9 87 53 

34 26<, TriCon 5911 16. ISO 32*g 

35% 291, TfiCfl tftS) ' ~ 

44 241; Triabi s .12 

98 22% Trflnd pi. 12 

49% 26% Trflams M 

4% 1% Trtemr 

34% 147, Tfhay .50 

44% ZT, TrtWS 
24% 13% TrtfSflg.10b 
29% Zf, THE pi 2 

64% 51% TunsEra.60 
16 11% TultBl G 

23 14% TwuiDa J0 

M% 16% TycoL G 24 

10% 11% Tyler 


7% -% 


0% 

4% -7, 
*5 -% 
52% a% -% 
32% 

X +% 


X 

401, 41% -f 


271, K% UK 


M 9 X 

A 16 546 42 

A 2 28% 29% 291, -% 

12 18 1548 40 47% 48% +% 

96 4% 4% 4% 

TJX 563 31% X 30% -7, 

24 687 42% 40% 42% + Eg 

.4 17 461 22% 22% 22% 

IA 1 271* 27% 27% -% 

6.4 12 810 56% 56% 56% -% 

10 749 127, 12% 12% -i, 

32 31 58 22% 22 22 -S, 

.9 X 21X26% 25% 25% -1 
A0 ZB 77 48 75% 13% 15% 

U U U 

220 13-6 U2 T7% 18% 17% +% 


Sales figures bib unofflcU. Yearly highs and lows reflect the 
previous 52 weeks plus the current weak, but not the latest 
trading day. Where a spfit or stock dividend amounting to 25 
per can! or more has bean paid, the year's WgMow range and 
dividend we shown lor the new slock only. Unless otherwise 
noted, rates of dMdands are annual disbursements based on 
ttw latest decHreuon. 

a-dMdend etso ektrala). b-annuai rets c I dMdend phis 
sock dividend c-fiquWathg dhridencL dflkaled. d-new yearly 
tow. o-ifivldend declared or paid in praesding 12 months, g- 
dividend in Canadian hauls, subject to 15% norvresldenco tax. 
Mividend dectared after spH-up or stoek eSvidand. j-dwidand 
paid this year, omitted, deferred, or no action taken at iwir«t 
cflvWend meebng. k-cHvtdend declared or paid this year, mi ac- 
cuniulaiiM b3ue urtth dhridenda in anvars. n-new Issua In the 
past 52 weeks. Tha high-low range begins with the stari ed 
tnufog. ndnefl day deUvwy. P/E -price-earnings ibUo. r-rtirt- 

dend deekued or paid In precotlng 12 momng, plus stock cM- 

dend. 5- slock spat. DMdencfe bagm with data oi spkt. sis - 
salsa, t-dhridand paid at stock bi pracedng 12 months, esti- 
mated cash value on etKMdend or av-dairtbuhon date, u- 
naw yearly high, v-tradtag hailed. i4-ln bankruptcy or receWor- 
eivp or bemg reorganised under the Bankruptcy Act, or secu- 
rities assumed by such companies, wd- dq trp ut o d . wi-wtwn 
issued. vwHrtth wsirarm. x-ax-diMdont or 0x-d#iis. xdla-ex- 
dstribuuon. xw-wrtnovt warrants, ynu-dmidend and sales in- 
fufl. ykt-ywid. k-atfu in tut. 


12FRIK issues 


TE 


when yon first subscribe » ihe F.T, 
0 Frankfurt (069) 7598-101 



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ChmEnn 61 6% 6<- 6% - % 

CJxmoP'. .40 21 16 35% 35% 35% + % 

CftlMdA .24 22 377 367, 36% 36% + % 

CMRv 1.30 31 13 23% 32% 22», - % 

Gn/Dvg 170 io% 10 10 

ClyGass .50 14 15 15% 151, 15% + % 

Gomtnc 224 16% 16% - % 

CmpCn 15 233 S% 5% 5% - % 

ConcdF 11 3 11% 11% H% - % 

ConsOG 82 2% 2% 2% + % 

Constn 11 52 07, 8% 0% 

ConlUtl 35 69 35% 33% 35 

CfHM .90 S4 78 35% 34% X - % 

cmcp a ia, ir, nr, 

CrCPB 4 14 14 14 + % 

CwCPpM 92 14 25 24% 24% - % 

CwCptDZM 79 25% 25% 25% + % 

Cubic .29 17 37 21 201; 20% 

Curtice 1 04 IS IS 40% 39% 40% 

Cuatmd* X 488 2% 2% 2% + % 

D 0 

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DWG 10 M 7 6% 67,- % 


P / Sb 

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Dwrios 
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EafilCt 

EfltnCo 1 

EiOflP 290s 

EchBgs 

EcolEri.089 

Elemor 

EmpAn.22s 

EMSCO 

EntMU 

Eipey 46 
FstXncf .X 

FklDU 

FAusPrl 060 
FiccnP sn 
Fluke 12tt 
FtnluG 

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HroRkn D0o 
Hacbre .09 
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jstron 

JnnnPd 

Johnlnd 
kayT.p 12 
hoylZoA KJo 
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hogrrC 2 <0 
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cam.Sv 20 

Laser 

LwFh-, 

LdsurT 

Liotime 

Liiivun 
LK>nel 
LorTol 
Lume* 09 
LyncriC .20 

MCO HO 
MCO RS 
MSI CM 

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Me (SCI 
Malnx 
MoOias .34 
Mdcoia 
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MiunW 32 
MKJUE .24 

NVRyfn 411 
NtPaim .10 
NM»Ar 

NPrac l 10a 
NkVWE 
NVTime .44 
NCdOC 
Numac 


OCA 
OOklep 
Paucpa 34 
PuuniC 80 

PiHeam 6 0S 

PniILD 2«e 
PlonrSy 
PhDsm 
Pmwayl.ra 


PJ Sb 
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low Bow ChngC sort ft* 


2016 59 58 

13 -.63 2 I', 

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12 486 7', 

22 10 1 J 1 . 

26 ?'6 13% 13 
522 5% 5% 

4 7% 7% 

0 I 2E% 28% 

J K 

53 150 18 16% 

56 6 6 5 

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31 19 261 263 

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24% - ?. 
117. -► % 
t'-s 

62, » % 


OVER-THE-COUNTER 


Nasdaq national market, closing prices 


ASWBd 

ADC 

ASX 

AST 

ActmdS 

Atman 

Adapt 

AdisSv .10 

|AdobSs 

AdvTei 

AdvoSy 

Aegon t02r 

AffBctl 

AgncyR I 

Agnlcog 30 

AirWiac 

AJccHl! 

Aldus 

AJexBrs -16 

AkuBMt.36 

AleflW .30 

AHegBy 

AfllaM 

AJWSn 

Akwaat 

Altos 

Amcaw .44 

AWAIrt 

ABnkr J» 

AmCsrr 

AmCfly 

AOraol .66 

AlDHWt^O- 

AHSU 

Amwu .40 

AMSs 

A Mins IBS 

MMTfASB 

ASNYpH.81 

ASoRs .12 

ATvCm 

AmFtFd 

Amrltra 1 

Amgen 

AmskBk .64 

Aidogk) 

AnchSv 

AfldtfSv.eos 

Andrew 

ATOiee* .» 

ApogEn .14 

ApotoC 

AppIBk 

AppiaCnOa 

ABtoaU 

Apkfflh) 

ApkJMt 

ArctHws 

ArgoGp 

Armor AO 

AsWons 

AMCK.CH. BO 

AMRes 

AttSoAr 

AulOdta 

Aulospa 

Avne* 

BO ,06a 

BakrFn is 

BskrJs .06 

BMLya .20 

BaIBcp .« 

BnPneal.40 

BepHw 1.96 

Bonciee 

BMC V24 

Bnkasia .46 

BnhgCtr 

Bams .44 

Borris 

BsMF AO* 

BsyVw 

BeyBkel.44 

BmuUC 

Beebes 

BatiSv 

BenjS* 

Berkley 3B 

BerkHe 

BaDLb 1.52 

BflBear 1 

Blndty 

Blogan 

Biomet 

BtoTGh 

BUSK 

EBckEn 

8oatBn 1J4 

SabEvn 28 

Baneme-Ofir 

BonvIP 

Bosses .60 

BstnFC .46 

Branch 1.36 

Brand .06 

Brii.wtg 

Bmhmn 

Brunos .X 

Budget 

Butlets 

BuldT 

Bmhm 24 

BurrBs 

BMA 1.10 
BuUnld 

ccc 

CD C 

CLARCR.M 
CPIs .16 
CUCUii 
CVN 

CbrySc 1.32 b 
C edntz 
CalQon .05o 
CaiBJo 
CalMIc 
Calny .16 
Cambra 
Cam US 
Ganonl .IBs 
Canon In 
CeioerC 
CartCm.OTe 
Carlngtn 

Casey, 

CanCp.oaa 

CeHCme 

CnnBe 1.W 

Centor 

Can 1 15b 

arCOp 

CFldBklM 

CtyCma 

Oatus 

OwmSs .12 

Crniwis 

ChkPl 

CMIOkS 

CniCtV 

cniAins 

CnfdWkj 

OnliS 

CwpsTe 

enuon 


Sain ffigft inr UH Ong 
(Hsdil 

2 14% 14% 141} + % 

19 08 90 29% 23% 

21 1696 13% 12% 13 - % 

14 790 15% 15% 15%+ % 

40 156 21% 20% 21 - % 

X 465 201, 10% » - % 

15 404 11% 11% 11% + % 

30 48 27% 26% 77', 

691046 43% 40% 41 -1% 

201062 X SB 28% 

I247UI2), 12% 12% + % 

60 42iy 42% 43%-% 

X 516 18% 16% UP, 

X 52 24 23% 23% - % 

232 26's 2S% 38% 


17 442 10% 
14 Wl 17 
2371) X 
12 568 IB 
14 276 X 


10 % 10 % - % 
MV 17 
27% 29 - % 
18% 10% - % 
59% GO + % 


7 30? 16% dlS% 15% - % 
553 11% 10?, 11%+ % 

23572B 13 dIO “ “ 

232 6% 01, 


627 X 
261642 14% I 
15 356 14% 
747 71, 


10% -31j 
. «%- % 
W, 19%+ % 
Ml} 

14%+ % 

a - !< 


ia 

Tit 


6 522 f17, 11% U%- % 

1231142 S', 8% 8%~ % 

139 421, 41% 41%+ % 

13 WEB 23% 22% 231, + % 

17 324 U% 18% 18% - », 

231536 8% 8 8% - 1, 

TO BI 14 13% 13*,+ % 

34 278 19% 187, 187,- % 

6 46 37% 371, 37%-% 
6 237 10% 10% IB - % 

47 21% 21% 21%- % 

171050 13% 13% 13% + % 

102188 27% 26% 28%- % 

3085U17 16% 17 + % 

125670 227, 22% 22% - % 

6041478 38% 34% 351,-1 

0 638 10% 18% 18%+ % 

12 30 101, 10% 10% - % 

3 333 0 7% 7% 

247 161, 10% 18i,+ % 

IX 17% 16% W, — % 

17 655 24% 24% 24% - % 

TO 572 11% 11% 11% - % 

343483 21% 20% 21 - % 

9 078 38 34% X +H, 

41 20015 55% 54% 55% - % 

42 15% 14% 14% - % 

X 1115 27% 26 27 -% 

1279 32% 31% 32 

43 777 12 11% 11% - % 

48 
23 




Sndi 


CMOwt 22 
ClnnFn1.52b 
Cmiass 
Cipher 
CirclEa 
CtzSoCp 1 
CtzFOs .68 
CtzU As t 
CltyFM .40 
CtyNC .64 
CityBcpl.12 

doth 

CoOpBk JO 
CoestF 
CoutSI 
CobsLb 
CacaBU M 
Coevr I 
Cohere* 
Coupon 
CotfOi .06*1 
CokiGp .40 
GotaNt 
Comcns.12 
Cmcattp.12 
One ric 2.40 
CmCir 1.28 
CroceU .72 
CmcFrt 
CmlShg .56 
ComdE 
ComSvgJ4a 
CmpCrs .40 
CCTC 
CptAut 


12 »1 48% 

2S 7 22», 

205141 31% 3C, 30% 

11 111 22 21% Z? 

15 073 29% 28% 29 - % 

008470 13 12% 13% - % 

451728 31% 29% 31 + % 

38243-16 315-18 4 1-16 -3-18 
282333 14% 14% 14% + % 

B B 

B - % 
5T%- % 

10 + % 


37*4+ V 



631 

B% 

8 


34 

52 

51% 

11 

013 

10% 

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6 

76 

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17% 

19 

S38 

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116% 

11 

85 

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11 

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505 

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115351 

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265 

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13% 

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66 

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56 

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488 

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144, 

M 


1U3 

12 

11% 


352 

6% 

B% 

8 

668 

264, 

26% 


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223 

53), 

53 

13 

13 

20% 

261, 

13 

479 

11% 

11 


478 

10% 


» 

525 

206 

*£ 

Mi 

0 

IS 

31 

34% 

24 

1382 

31% 

X 

10 

507 

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401, 

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27 

229 

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167 

21% 

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12 

589 

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9 

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351, 

76 

460 

22% 

X 


12% 


45 - % 


77,+ % 
W%- *4 
11% 

6% 


24150 4050 4150 -10 

S3 - % 


11 - % 
«»B- % 

25% “1% 
B%- % 
24 -1 

»} -1% 


22 -1 

4436 3-16 61-16 6 1-16 -Vie 

12 808 10*, 10% TO% + % 
301694 24% 24% 2*7, + % 

127 15% 15% 15% 

57 334 2U, 20% 21 -1 

13 273 1S% 15 15% 

20 67 25% 2S% 25% - % 

57 343 14% 13% 13*1- % 

242 45% 45 4S 

43 666 IS 14% M% - % 

c c 

24 347 S, 8% 8% 

357 21 20% 2ft,- \ 

15 36 32% 31% 321, 

17 285 21 20% 20% 

18 884 24 23% 23% - % 

49 431 16% 15% 16% - % 

22 591 461, 40% 461, + % 
25 1635 IHi 11% 11% - % 

1489 44 431, 43% - % 

273 10% Ifli, UP} 

226 77, 7% 7% — *, 

283 11 10% 10% - % 

610 23% 22), 23% + % 

118 W, 10% 10%- % 

25 26Su45% 45% 45», +1% 

37 61 30% X 30% 

27 S79u13% 127, 13% + % 
X 200 201, 29% 29% - % 
366 34% 38% 33% - % 
20 2780 1S», 14 14% -1% 

SB 460 7% J 7% 

*164819 IB 18% 

40*, + % 


15% " % 


13*4-1% 

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13% 13% - % 
“ in, - % 


2B 

a - % 


21 » 

401, 

40 

382 

38% 

»4 

12 36 

2 

% 

48% 

15% 

11 76 

30% 

301, 

187 

TO 

18% 

3385 

234, 

22% 

235671 

23% 

22% 

59 167 

X% 

271* 

19 855 

11% 

im. 

194780 

16 

13% 

0194 


P* 

15 344 

14 

13% 

X 404 

177, 

m. 

37 174 

31% 

31% 

X 1003 

294, 

a 

550 

X 

x% 


. t-eo 
CM Med 
Conun 
China 
Convgt 
Convoa 
CooprO 
CoonB JO 
Copyues 
Cards 
CoraS* 136 
Costco 
CrzyEd 
Creetar 104 
CretFM 
Cronus 
CrosTr 
CnosidS .40 
Crosipl LSI 
Culwns .50 
Cyprus 
CypSem 
Cylogn 

DBA 

OEP 

DMA PI 

DSC 

Delsyay 

DertOp .13 

Ontcrd 24 

OMO 

DtSwlch 

Doicpy 

Datscp 

Daupnnl.X 

Donor 

Daysln 

DebSns 30 

Dekalb .33s 

Dost 

Devon 

OagPr 

Dtasone 

ruraim 
DtgUCm 
DIpMIC 
OimeCT .60 
ObrwNY 
Olonets 
DimaYr.401 
DirGnl 20 

DomEh .72 

Doshds 

DresBs 

OrwUr 

DreyGr 

□unkDn .X 

DuoSys 

Durtn 

□ariron .X 

Dynsca 

DytchC 


Sdn Higk Ism UU Ong 
(Hald 

X 188 m, m, 171, 

10 162 56% 53% 56% +1% 

32 96 36% 35', 36% + % 

X 287 0% 0% »>+ % 

IS 174 11 101} 10% - % 

12 1650 277, 2?% 27% 

10 407 20% X 20. + % 

24 90 34% 34% 34% 

15 788 n, 6% 6% - % 

18 798 30% 28% 30+1 

10 3 51% 61% 5t%+ % 

145856 151,013), 13% - 1% 

5 56 13<, d13 13i,- % 

10 118 17% 10% 17 + % 

Z7 736 12 11% 12 + % 

16 454 22% 22 22% 

IS 2 31% 31% 3>%+ % 

202 26% 24% 25 ♦ % 

262 14% 14% 141}- % 

48 271 11% 107, 11% - % 

4x399 11% 10% 107,- % 

7 271 14% 14 14 

408 17 W, «%- % 

1404 241} 24% 24% - % 

12 23% 23% 23% 

13 213 66% 65% 66% + % 

23 66 G0% 66% 861,-1 

T0 1364 33% 32% 32% — % 

S 56 147, 14% 14% - % 

TO 410 1B% 177, 177,- % 

5661 6% 58-16 6% +7-1*; 

107 17 16% 187,- % 

14 779 13 12% 13 ♦ % 

338 10% 101, 10% - % 

41 290 IS 141, 15 + % 

X 18% 18% 18% 

15 353 72 71% 71% 

■m 28 14% 14 14%+ % 

301028 27% 2B% 27%-% 
350 14% 13% 13% - % 

1585 6% 6% 6% 

4820882 14% 11% 12 -17, 

TO 12% 12% 13% - % 

10 663 23i, 22% 22',- % 

— - 11% - ‘ 


007 IS 
672 16 
115670 41 


22% — 
11% - % 
15>, 16%-% 

40% 40% 


84 1215 121, 11% ii,, - % 

24 551 4% 4% 4% 

12 344 29 207, 2S7, 

T72 12% 11% 11%+ % 

4 27 14% 14% 14% 

628 20 18 16 -T, 

489 14% 14% 14%+ % 

4 X 10% X 

19 320 20% 19% 20%-% 

307512 277, 27% 27% 

521450 15% 14% W%- % 

236 HP, 10 101* - % 

D D 

18 545 18 18% 10% - t, 

38 66 17 16% 17 + % 

925 09 9% d S% 

352836 8% 8 

2945 B>« 67, 

14 1 TO HZ 


8% — % 

9 - % 

8% + % 

162 - % 

125 1 17% 17% 171j+ % 

20 Ml 7% n, - 

1734458 87, 81} 

163 7% 7% 

» 105(138% 371, 37% 


71,- % 

a-" 


32% 


26%+ % 
6% 


11 396 32% 32 
16 467 11% 10% 11 - % 

9 243 B>} d 0% B% - % 

102824 171, 161, 17 

313 261, 26 

Z73 6% 6% 

9 TO3 13% 012% 131,' 

X 1306 33% 31% 31% -2% 
3419613 7-16 35-18 37-16+ % 
~ 37%+ % 

41% - % 
20% 

141,+ % 
23%+ % 
»*- % 
3d, - 
9% - % 
20% 20%-), 


IB -1% 
12*, 13 + % 

18 - % 


EMCs 

ESSEF 


27 207 

sa 

37% 

234031 

42% 

40 

801734 

20>t 

10% 

307 

14% 

14 

X 2154 

23% 

X 

31 11 

26% 

28% 

13 42 

30% 

X 

41 590 

9% 

9 

10 264 

21 

20% 

77 

0% 

0 

23 1610 

13% 

ia 

472 

13% 

«% 

X 860 

19 

IP, 

171286 

26% 

26% 

X 007 

19% 

IB 

16 285 

13 

12*, 

1X270 

101, 

10 

13 IX 

11% 

IP* 

13 336 

26% 

E E 

25% 


GPas 1.52 

Elans 

Elcoiata 

EluxAB 

Emute* 

Encore 

Enina .ig* 

EngCnv 

EnFaci 

FngOm.29e 

Enseco 

EntPuD .ID 

Envois 

EnvtfSl 

EijUBe ,32 

EricTIIJOs 

EaenCm 

EvnSut 

E versa 

EkcoIBcJOd 

E*celn 

EapM 

FFBCp.lSe 
FUI .030 
FalrhvS 
FnnHm JTO 
FarmF 
FarGpsUO 
Ferotlu 
FWtr 1.58 
FkScjpf 

Fttmnii.44 

FtggteB .76 
FlEKJieA .86 
FlleNsI 
HnNws 
Fimgan 
FAlaBk .76 
FsiAm 1.U 
FlABk .40 
FIATn 1.10 
FlEaec 
FEvptE2. 126 
FE*plF208 

FEspIG 
FFMie 48 
FtFUgs 
FlABk .72 
FtllCpa .44 

FJeiN l.m 
FlKyM .04 


X 5TO 241} 231, 231,-1% 

230 108, 19% 10), 

17 62 11 10% 10% 

8 659 16% 16% 16% + % 

90 481 IB 1 , mj 10 - % 

30 027 16 151, 15% 

265u53% 53 53% + % 

30 14S 77, 7% 7% 

1085 3 IS- IB 31 >16 3% + VU 
34 283 157, 19% 15), 

285 18% 17% 18%- % 

206 IX 8% 6% 81, 

68 277, 27% 27%+ % 

X 10% »% 18% + % 

a X 25% 25% 25% 

17 720 20% 27% 281? 

16 IB 21% 20*, 21%+ % 

11 263 26% « 26% + % 

181233 38% X 38%+ % 

141 231, as a + % 

T7 1620 2n, 26% 26% - % 

27 821 14 13% 13% 

271 121, 12 12',+ % 

X 824 17*4 17 17 - % 

22 34 19 18% 16% - % 

F F 

ID 177 15% 147, 15 + % 

163667 16% 157, 16%-% 

27 12 11% 12 

6 141 19% 19i z 10% + % 

28 1477 IB 17% 17%+ % 

152173 48 48% 403,+ % 

5 729 5 415-16 4 15-16 -Mi 

14 506 447, 441, 44% - % 

337 337, 33% 33% “ % 

13 X 61% 60% 61% - % 

13 45 63% 62 63% +1% 

54 75 741, 74% - % 

124 IVt 19% 138a + % 

411001 10% 10 10%+ % 

78 X 101, 10% - % 

11 553 19 18% 18% - % 

8 X X 49% 40®, 

IK It', 18% IP, + ', 

12 Ml 31% 31% 31% - % 

I1W3I 17% 17% 177, 

274 24% 24 24 - % 

14 25% 23% 25% - % 

113 22 21% 21% 

31217 1B1, 177, 17%- % 

25 161 31 301} 301,- % 

10 106 30% 29*a 28% - % 

17 62 in, 16% 16% - % 

W 238 70i, 78 78%+ % 

14 IBS 26% X X 


Sort 

FMdBe 1 
FIMUSy 
FNCinnt.se 
F&ocC 1.W 
FtSvBk 
FT aura 1.18 
FstUCs -X 
FlValy .64 
FiWFn X 
Firmer 1.10 
Hun 
FoltSd 
FloFdl 
FlaNSF .48 
Fonare 
FUonA .14 
FUooa .13 
For Am .06 
Fo*mF.20B 
Forums .08 
FramSv 
FreoFrfl .40 
FramM .60 
FuJrHB .42 

Gakicg 

CsMoas 

QalgA A0 

Gantos 

Oar DA 

GmwBs 

Galway 

Oanalcs 

GeiMrtUn 

Ovmcm 

Genmar.24e 

Genzym 

GoQulI 20o 

GrmSv 

QflOTG 35 

Goatrys .X 

GWnVta 

Gotaos .24 

GoukJP 78 

Gradca 

G*phSc 

GtLkBc .X 

GlNYSv 

GrnRfib 

GrnwPti 

Groamn 

Grdwtra 

Gioch 

Guarfti .40 
GuarNt 20 

HBO .30a 
Hudson 
HamOd .10 
HanaBI 
Hamrins X 
Harint 
HarpGs .17 
HrtlMsl.28 
HrtMSs 1 
Harvlns 
HIOicos 
Hhhdyn 
HnsmR 
HchpAs .16 
HctigSs .06 
H8 eUn 
Heniey .901 
HrlNIS .170 
Hibersi 04 b 

HighlSu 

Hogan 

HmaCry 

HmFTn 

Hmlnts 

Hme5av.27e 

HORL 

HmoSL 

Honlnds .40 

HBNJS .40 

HuMJB .18 

Hnlglns 

Hunig6.B4b 

HuicnT 

HydeAt 

IGI 

IMS Ini .16 

i5C 

kM 

Miunei 

imunmd 

bnrao 

Inacmp 

inoBcs 1.18 

todiM 1.28 

ktdHBs .92 

InftBdC 

tntoRsa 

hmac 08a 

Inovats 

Inspena 

kraipp t 

trifittr 

kugDv 

InlgGen 

Inlsl 

Intelwf 

InOwTU 

Inlifds 

Inlgpft 

in meat 

inlmec 

intmtCs .10 

In Bests 

intClin 

InDanA 

(Game 

inlKing 

biiLsss 

IMP 

inMotdl 

IniTela 

mnan 

invsSL -X 
Bel 

KelptC 

no¥old.24a 

hracos 

tverens 

Jackpol.TOe 
Jadbwi +4 
Jaguar Me 
JflltrCp 

jrtSmtB 24j 
Jsnco 16 
JIlyLbS 
Jonel A 70s 
Junat 0b 

KLA 

KV Phi 
Ramon .64 
Kflxnra 
kaydan.i0o 
klySAs 
Kemps .60 


5Mh Kgft tnw 
(Hi«w 

II 81 33% 32% 

17 21 21% 21% 

14 251 SO 49% 
51 93 31 301* 

1068 13% 13% 

11 X 31% 31 
0 1911 23% 23% 

14 12 357, 357, 

8 352 9% 9>* 

14 6 35% 35 

» 18? 21 30% 

553 201, X 

711 121, 111, 

21 1306 21% 19% 

0 1176 3), 3% 

561731 35% 24% 

60 544 27 2S% 

23 239 411, 41% 

9 1372 203, 26', 

21 *1512 S'} 5% 

375 12% 12% 

30 0 263, 26*, 

8 201 M% 141} 
>0 303 46% 46% 

G G 

1838 10% 10 
21 623 15% 14), 

15 617 X 19% 

16 52 17% 16% 

13 326 TO% 153, 

14 86 193, 19% 

18 X 5% 5% 

3*0 10647 51% 48% 

761 321} 31% 
» 754 13% 13% 

11 663 11% 10% 

231 43 2 14% 133, 

. 202549 64% 62% 
277 11% 11% 

11 905 16% IP* 
16 329 28% 27% 

34 2230 26% 26% 

15 3» 331, 33 

24 00 221* 22% 

12 834 61} 8% 

642 8% 0% 

4 495 2C% 20% 
329 9% 9% 

35 240 18% 181, 

BBS 16 15% 

540 BI, 0% 

37 541 26 25% 

X 7B9 28 26% 

9 650 29% 29% 

TO 300 0 7-% 

H H 

40 620 107, 101} 

24 372 7), 7% 

65 3430 291, 28% 

371 I6i, 15% 
7 101 3C% 34% 

14 152 16% 16 

16 111 14% 13), 

0 540 27% 267, 

11 06 30 29% 

15 505 X 19 

16 42 21% 21 

326 5% 5% 

106 10 15), 

X 251 221} 22 

X 121 221} 21% 

13 88 28% X% 
4760 29% 29% 

Bfl 13% 127, 

11 63 27t, 27 

15 2S6 13 12 

21 047 07, 01, 

9 303 21% 21 
603 18), 181, 

554 9% B% 

957 14), 141, 

1627 X 36% 

5 1480 27), 26 
IB 1174 23 32% 

13 588 321, 31% 

21 77 X 221, 

21 311 23% 22% 

TO IX 25 24), 

18 30* 21% 20% 

II IX 13% 12% 

I I 

1640 91, 

25 3385 34% 33'. 

21 349 B S'} 
X 296 6>, 6% 

194 23% 22% 

160 107] 10% 
441 07* 0% 

24 447 10% 10% 

9 44 31% 31 

17 216 41% 41 

II 106 38% 

59 203 24 

60 642 30% 

62 1496 291, 20% 

28 107 24% 24 

37 16 10% ID, 

1X405 25% 

X 177 87} 

34 193 tC% 

IX 1657 23% 21% 
100044 11% 10% 

14779 61 »■, 

951 21% 20% 
7B1 23% 22% 

19 556 M% 14% 

25 2657 29 27% 

103 7066 23% 2D, 
23 750 19% 1B% 

17 99 1E3, 16% 

198 14% 13% 

29 5595 16% 15% 

23 26 33% 33% 

57 267 12 ID, 
3* 46 23 221, 

19 97 16% 10% 

5*2 7% 7 

440 14% 14% 

XI 9% 01, 

450 £21, 22% 
147317 IP, 11% 
X 1797 « 2d, 

» 6T« 61% 

44 15 110 1091, 

270 16 17% 

4Q 46 21% 21 

J J 

18 314 121, IP, 

15 37 347, T3ij 
134040911-32 9% 

9 7D 14'* Idi* 
27 543 75%' 72%* 

16 707 16), 10% 

45 440 15 14% 

43 571 14% 137, 

X 42 10% IS 

K K 

<7 117 19% 191* 
175 98 21 20% 

16 6S 31% 31 
460 IS 109, 
X 113 31% 31% 
27 255 46 44% 

7 931 31% 30% 


8», 


37 

23% 


24% 

12 


Uft Offg 
32% 

21% + % 
491, - % 
31 

13% + 1% 

31% - ’« 

73% - ’s 

3V'l+ % 
9'; - % 

35V+ % 
21 - % 
X 

121, + % 
X -1% 
3%+ % 
25% 

27 

vz?- 1 4 

287, - % 
5%- % 
12% 

26% 

M%- % 

4€%+ % 

10%+ 1, 

15 - % 

2S»- > 

S~ % 

ig-% 

61 +W, 
31% -1% 

13% - % 

'&--X 

63'j -1 
11% 

12* . 
27% — % 
26% 

33%+ % 
22% - % 

0% 

20% - % 
0% — % 
18% 

1»S- % 
8% + ', 
X - % 

77,- % 

10%-% 
7%- % 
28%-% 
157, - % 
3«%+ % 

16 - % 

34 

27% 

20',- % 
1»,- % 
2t% 

S% 

is?, - % 

22i,- % 
21% - % 
28% - % 
N% 

12% - % 
27i}+ t 4 
121,- % 
B%- % 
21% - % 
18),+ % 
9%+ % 
143,+ % 
30 +1 
26% + % 

32% 

23 + % 
231, + % 
2«, 

21 - % 
12% - % 

0*,- % 
33% - % 
8% - % 
F, 

221} - I 
HJi*- % 
**- % 
10%- % 
31% + % 
41%+ % 
30 -1% 
34 

x -al- 
as',- % 

24% - % 
1B% 

25% 

«’* 

12% 

22% " 1% 
ii + % 
603. 

21 - % 
21 “ % 

a* 38 
22 " % 
19% +1% 
16% - '« 
13% - -% 
IS%- % 
33% + % 
IP# - % 
22*. 

18% - % 

7 - % 
14%“ % 
9%" % 

“J* 

11%r % 
24% - % 
01% - % 
110 +4% 
17%+ % 
21 - % 


Stack 


KyCnU 40 
Kincaid 


Sdu Migyi Lear Loir Bag 
(Hart) 

9 "l62 17 16'* 15% - % 
X 332 17% IP, 17% - ', 


Kinder Ole 16 3188 15% 15% 15% 


Komag 


12'* 


Krugrre 30 20 539 11’ 
KutCka 


LAG ear 
LSI LB 
LT* 

La Pete 
Lacang 
LoddFi .16 


17% 

11%+ % 
10% - % 


TO': 

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Continued on Page H 


\ 


44 




Jk£i‘- • Ui, 


FINANCIAL TIMES 


WORLD STOCK MARKETS 




81987 


AMERICA 


Bonds help Dow 
limit losses 
in tense trade 


WALL STREET 


EVs &tter ^ ^ 

Wall Street stocks held their 
Pound yesterday in heavy trading 
m the tense aftermath of toe record 
plunge in prices on Tuesday after- 
unites Roderick Omm tn New 

■9 ui ^ «narkets took in 
“tJf ^l de banks’ half-a-point rise 
mthe US prime rate to 9% percent 
ine mcrease was seen as confirma- 
tion of the trend to higher interest 
rates which would probably hasten 

Mi increase in the Federal Reserve 

■Board s discount rate. 

The Dow Jones Industrial Aver- 
age closed up 2.44 points at 2.55UJ8. 
At its worst it was off more than 30 
points but pulled back in the last 
hour of trading. 

Broader market indices, which 
had weathered the big fall better 
than the Dow, edged slightly lower 
yesterday. The Standard & Poor’s 
500 slipped 0.70 to 318.52 and the 
New York Stock Exchange, compo-. 
site index edged down 0.43 to 178.55. 

Among the blue chips IBM rose- 
S1W to 5152%, AT&T added SK to 
§??■ Express edged up- 

S% to $35%, Exxon tost $% to $47%, 
Chevron fell $% to $52%, United 
Technologies was off $% to $55% 
and Sears, Roebuck gave up $% to 

$4071. 

Traders were hit by a huge vol- 
ume of orders at the opting and 
prices swung widely, mostly below 
the previous closing levels, through 
the day. Institutional investors 
were largely absent while they as- 
sess the damage from Tuesday's 91- 
point plunge in the Dow industrials. 
Much of yesterday’s trading came 
from shorterm players, dealers 
said. 

The trend was still bearish, 
though, with the declining stocks 
outweighing those advancing by a 
ratio of two to one. Trading slack- 
ened after the hectic opening leav- 
ing total volume for the New York 
Stock Exchange session of 186m 
shares. 

The ability of stocks to avoid fur- 
ther losses encouraged analysts 
who saw Tuesday's collapse as a 
correction rather than the end of 
the five-year bull market 

Following the prime-rate in- 
crease, banks, insurance companies 
and other interest- rate- sensitive 
stocks were mixed Citicorp fell S% 
to 557%, Chase slipped S% to $38%,' 

•1-P. Morgan was unchanged at 
547%, CIGNA edged down $% to 
S66% and Aetna was unchanged at' 

561. 

BankAm erica, up $% at Sll%,~ 
said it was raising $425m in new 


capital from investors inriiiHfe g 
some Japanese institutions. 

General Motors was off $ 1 % to 
S78%, Ford Motor fell $1% to $95% 
and Chrysler lost $Yi to $39%. Kid- 
der Peabody’s analyst lowered his 

1988 earnings forecasts for all three 

because he expects car sales to suf- 
fer next year from higher interest 
rates and inflation. He dropped his- 
GM buy recommendation, down- 
graded his Ford ranking and left 
Chrysler unchanged 

Among the first of the quarterly 
profit results, GE rose $1% to $61%, 
Mead fell 5% to $45% and Colt In- 
dustries dipped $% to $14%, all on 
reports of higher earnings. 

Home Shopping Network, off S% 
to $ 12 , reported fourth-quarter net 
income of 4 cents a share against 7 
cents a year earlier, improving on 
its worst case forecast of break- 
even. The pioneer of shopping from 
home via television is being subject- 
e d to t he most intense short filing 
pressure seen on Wall Street in a 
decade because of its poor perfor- 
mance this year. 

Credit markets showed reason- 
able strength after the increase in 
prime rate. Short to medium-term 
government securities benefited 
from some inflow of funds from in- 
vestors who had sold stocks during 
the steep fall in equities. 

The price of the benchmark 8.75 
per cent Treasury long bond dipped 
a bit lower at the opening in New 
York on the dollar's weakness, but 
recovered to a gain by early after- 
noon of half a point By the dose it 
was off % of a point at to 91% yield- 
ing 9.79 per cent 
Although the Treasury's caio of 
57-25 bn of four-year notes gnw» 
reasonably well on Tuesday with 
some signs of retail investor de- 
mand dealers were still being cau- 
tious ahead of yesterday’s sale of 
S7-25bn of seven-year notes. Sub- 
scriptions turned out to be disap- 
pointingly light, particularly out- 
side New York. The average yield at 

the auction was 9.51 per cent 


Madrid gains a head for heights 


THE MADRID bo Isa crashed 
ifcrough a psychological barrier in 
August when most people were on 
the beach, and it is continuing to ac- 
celerate at a time when people are 
leaving for their offices with a rain- 
■ coat. A wet autumn has damp- 
ened the festive mood that set in 
with summer. 

Curiously, last year’s pattern is 
being played oat again, but this 
time, thanks to acquired knowledge 
and experience, the curves are be- 
ing drawn with a defter «nd surer 
touch. 

When in August 1988 the bolsa In- 
dex surpassed 200, having started 
the year at a base of 100, the mar- 
ket spent the rest of the year hold- 
ing onto its laurels tightly and gasp- 
ing for breath. On January 1 the 
bolsa started off. under new rulings, 
with its existing December 31 
of 208.3 and in August this year the 
index crashed past 300. 

. Unlike last year, the 1987 pattern 
shows the bolsa well tuned to dizzy- 
ing heights. A bout of profit-taking 
yesterday brought the general in- 



dex down 4Ji5 paints to 3241L 
Tuesday's 32836 had been a record 
high, but few think that it will stand 
so for the rest of the year. 

The question is how high it win 
rise. There are those who talk of 
speeding on towards 400, the next 
psychological mark. Others, of 

course, talk more cautiously about a 

slight weakening. 

Optimists and pessfinists 
agree that the real lesson to be 
learnt is that the Madrid market 
has taken on an entirely new di- 
mension. 

Among other things, the terms of 
reference in a key area have 
changed. There are now some 5m 
investors, individual and corporate, 
estim ated to be trading compared 
with just L5m three years ago. Be- 
fore the summer surge, daily turn- 
over was in the Pta 12 to 151m band. 
Currently it is in excess of Pta 20bn. 

When the pessimists speak of a 
slight weakening they are taiirfag 
about the success of the bolsa and 
not its in-built faults. They are, in 


the end, discussing the new confi- 
dence which pervades S panish 
business. 

If there is to be a weakening It 
win be because a bevy of recent 
p^erpar rights issues, such as Te- 
tefonica's Pta 68bn issue at I-far-10 
end 160 over par, or Banco de San- 
tander’s Pta 3Sbn capital ira-rpflg? 
bid at 1-foMO and 700 over par, 
nudnng a heavy call on investor 
funds. 

Veteran . bolsa watchers have 
been pleasantly surprised. During 

nnnf hull m « _T_ • 


did not have the courage to raise 
capital over par. Now, finally, the 

market is acting as it is supposed to 

and the next week will tell how 
many are willing to buy above a 
certain level. 

Hie fundamentals are, right now, 
too good for any serious mishaps. 
Doing the rounds of the Madrid bro- 
kers it is hard to see sells. 

The public imagination has 
stezed by the inroads that the Ku- 
wait Investment Office has been 


makin g an Explosivas lUo 75nto. In 
this case a hostile bid is very much 
in the making and the "bolsa, unac- 
customed to such developments, is 
fuelled with excitement Again, the 
market is playing out its r^rnde. 

Interest is just as high with' the 
friendly bids that are unfolding in, 
for example, the banking sector as 
the well established Caries March 
interests buy into Hfepaho Ameri- 
cano and as newcomers Joan Abel- 
lo and Mario Conde, both extremely 
wealthy after setting Antobidticos 
to Montedison earlier in the year 
approach Banco Espanol de Cmfr 
to. 

Falling inflation, a five per cent 
GDP h elp in th e background, as do 
record reserves and a strong cur- 
rency, an increasingly dear con- 
sumer ma r k et and a healthy trend 
of sustained corporate profitability 
fonn the macro framework. The lat- 
est good feeling is generated by the 
hint that wage moderation is on 
line. ' 

Tom Bums 


i peaks amid 
dearth of shares 


HELSINKrS .surging share 
yesteid&y continued todefy aefie- 
Quent predictions of an mmimwf 
sharp downturn and logged yet an- 
other aO-time high, with the Dnitas 
all-share index climbing 13 to 6412. 

Measured by .the Unites 
Jfcfoish share prices have risen 318 
per cent since the b eginning of the 
year - a greater rise tiunin-neigh- 
houring Stockholm, which is aiso’ht 
record levels; Last year prices 'rose 
62 per cent over , the year. Further 
'thore, turnover's expected to top 
FM22hn ($4Jbn) this year, com- 
pared with FMSbn to 1986. 

'■ A simple reason for this steep 
rire is a shortage of shares. New en- 
trants to.the market have been few 
and for between. 

Th e, scrip shortage has been 
*“sened by the recent rush of 
companies to issue bonds with war- 
rants, which has practically killed 
off new share issues. 

^Analysts estimate, however, that 

prices have now reached a ‘tatourtf* 


feveL The average Helsmlri price/ 
earnings ratio is 15, slightly higher 
than the average in Sweden. 

With Finland's GDP expe c ted to 
grow fay more than 3 per cent this 
year and corporate profits predicted 
to rise by an average 30 per cent, 
tfre. high share prices are under- 
pinned fay strong angnom w? funda- 
mentals. However, there are signs 
that demand for shares may slack- 
en,.. 

; Tb begin with, Finland's, first unit 
trust began operations in Septem- 
ber and they have already 
their portfolios. .. 

Moreover, the rush to set up pri- 
vate investment companies is likely 
to subside 2 prices continue to rise. 
Individual investors have set up 
hundreds' of such companies, large- 
ly for tax purposes. These compa- 
nies are often founded on borrowed 
capital with banks accepting up to 
80 percent of the value of the secu- 
rities as collateral. 

Offl Virtanen 


EUROPE 


CANADA 


CHEAPER OIL, mining and indus- 
trial stocks depressed Toronto 
share prices despite a strong perfor- 
mance by golds. 

Energies were led lower by Texa- 
co Canada's CS% fall to CS34%, 
while Imperial Oil class A dipped 

C$lto C$75% and Shell Canada (S% 

toC$46%. 

Noranda was off C$% at CS34% 
and Falconbridge CS% down at 
C$29%. Alcan said it will drop some 

“Ll 1 ® 111(1111011 Pfont ^ 

fell C$% to C$47. 

Montreal and Vancouver both 
felL 


Transatlantic fall 
hits major bourses 



A RESURGENCE or buying as the 
bullion price steadied at higher lev- 
els lifted Johannesburg gold shares. 

Vaal Reefs made further strong 
progress with an R8 rise to R450. 
Western Deep climbed R5 to R215 
and, among cheaper issues, Leslie 


was 20 cents up at R8A5. Diamond 
stock De Beers made up another 
R2-50 to R57.50. 

Platinums also advanced, with 
Rustenburg adding 25 cents to R60. 
Barlow Rand edged 75 cents hi gher 
to R28 JO in firm industrials. 


WALL STREETS record one-day 
fell on Tuesday ricocheted around 
Europe yesterday, sending major 
bourses lower. Concern over the 
dollar and rising interest rates took 
a back seat as the markets looked 
to New York. 

Frankfurt slid lower in reaction 
to Tuesday's sharp fell in New 
York. Limited bargain-h unting 
pulled prices off their worst levels 
although interest-rate worries re- 
surfaced to dampen the recovery. 
The Commerzbank index droDoed 
25.8 to 1,9716. 

Cars, financials and elect ricals 

were broadly lower while chemicals 

and machinery stocks posted more 
narrow losses. 

The initial public offering of 
120,000 preference shares of 
at DM310 was heavily oversub- 
scribed after applications began an 

Tuesday. The shares were quoted at 

DM350 in grey-market trading and 
will be officially listed on October 
14. 

Public authority bonds w ere low- 
er as interest-rate feats grew. The 
Bu nde sban k bought DM4A3m of 
paper after buying DM1081m on 
Tuesday, 

Zurich eased in tandem with the 
lower trend after Wall Street's fall 
and in reaction to the weaker dol- 
lar. Profit-taking also continued to 
«ode recent gains. The Credit 
Suisse index feD 4J to 640JD. 

Major banks were lower with 
UBS down SFV65 at SFxS425 and 
Cridit Suisse SFr25 lower at 
SFr3£5Q. 

Engineerings and chemicals were 

mixed with an easier bias. 

Amsterdam was also pulled down 
by the lower dollar and Wall 
Street's fall but losses were limited 
by bargain-hunting due to the al- 
ready cheap prices of Dutch stocks. 
The ANP-CBS index lost 4J to 307.7 
in quiet trade. 

Royal Dutch shed FI 5.50 to FI 
283, Akzo lost n 1.50 to FI 174 and 
Umtever slipped 70 cents to FI 
lJoJO. 


LONDON 


U K SECURITIES markets 
showed determined resistance to 
the fell on Wall Street with equi- 
ties dosing wen above the day’s 
lows. After a nervous aliening 
and attempts at a rafiy, the FT- 
SE 100 ended with a net fall of 
only 8i to 2^59A and the FT Or- 
dumty Index ended 48 lower at 
1,353= 

GiRa were % off in early trad- 
ing but traders were undismayed 
by the press ure s towards tester 
interest rates in New York and 
Tokyo. Details, Page 40 


Pans was taken down by interest 
concerns and the lower dollar. The 
CAC index shed 5.7 to 4012 in mod- 
erate trading. 

Banks and Ana m-inic were not- 
ably weaker, led lower by UFB 
which dropped FFr34 to an annual 
low of FFr435. La Henin tumbled 
FFr38 to a new low of FFr685. 

Blue chips finished with narrow^ 
er losses. 

Brussels continued to move lower 

as the drop an Wall Street added to 

the cloud of political worries hang- 
ing over the market The Brussels 
stock index tost 43.09 to 5, 083 A3 in 
thin trading as most investors stay- 
ed On the «irif»|in^ 

The largest tosses were in hold- 
ings and industrials. 

Sto c kholm managed to rise its 
sixth consecutive record despite a 
tower opening following Wall. 
Street’s record fan. 

The Veckans Affarer all-share in- 
dex inched up 0A to a high of L 229 . 

Milan edged higher in moderate- 
ly active trading, shrugging off indi- 
cations of renewed political insta- 
bility. The MIB index added 3 to 908 
as most sectors firmed. 

Oslo fell as an already nervous 
market reacted to the phm p» on 
Wall Street 


KEY MARKET MONITORS 


>[ Johannesburg SE 


End of month Cpn 



1984 


1985 


1986 


1987 


stock MARKET INDICES 

MW YORK Oct 7 Piw Year sgo 
DJ Industrials 257059 3640.18 1.784 45 
DJ Transport 1.054 79 1,063.22 
DJ UtJihos 199.74 an 04 30020 

S&P Comp 317.52’ 32B 08 234 78 

LONDON rr 

Ora 
SE 100 
A A9-3hjre 
A 500 
Gold mines 
A Long git 
World Act. Ind 
(Oct fit 


WaSTOEHUNY 

FAZ-Aktten 642.86 G50 41 674.51 

Con^nerawnh 1.97260 IjIBBA O 2.0193 

HONOKONO Hang Seng 
3.336.13 3,906 44 2,162.78 



ITALY Banca Comm. 


1.8535 1.858 3 
2.359.8 2.367 9 
1.21010 1.213 82 
1.32357 1.32B 47 
4504 444.6 

934 9.95 

13628 137.18 


1248.1 

15925 

782.10 

856.37 

333.5 

10.37 

96-35 


(-> 653.62 73949 


NETHBJOATOS AMP CBS 

G*i 307.70 31200 2803 

Ind 25750 281 .40 880.0 

NORWAY Oak>SE ’ ' 

571.70 561 99 370 18 


US DOLLAR 

Ocl 7 Previous Oct 7 Previous 

* - 13410 13320 

ow 18260 13360 2997S 330 

Vm 145 SO 146.70 239 23950 

2 r _ 6 0775 6.1075 83725 98675 

2T 1, IS 35 1 - 5305 250 2*973 

f* 20545 20645 13725 3.37 

2.162 2K1 

3735 3810 fiUPS napn 

CS 18050 13050 21430 21305 

INlEHfcST RATES 


Tnaasmy 

Octotwr7 Prey 

Price Yield Price YWd 

8* 1589 99*** 8706 99-*, 0 .72 

7 1994 82'fa, 9851 9215, 980 

85 1997 93*%j 989 93 974 

B* 2017 91 9.746 9D*1to 984 

Sourrw. Harris Trust SiMnga Bank 


TOKYO 

Nikkei 

Tokyo SE 

£96227 2628837 176044 
212129 213161 1.48934 

AUSTRALIA 

2217 3 2247.0 1829 4 

Maras a Mm. 1.358 2 13774 7160 

AUSTRIA 

Craft] Akiten 

229 56 227 72 £3369 

beloiah St 

SE 

5 083 60 5.126 TO 32720 

CANADA 

Toronto 

Me! & Mna 
Ccmpowo 
■ootroal 
Portloko 

3.4078 33075 2.1750 
3«8.4 3518.10 3.0163 

1.896.13 1.939 30 151722 

Mwuhkm 

SE 

— 20959 191.68 

FRANCE 

CAC Gen 
ma.Tanaanee 

40520 41090 3872 
106.70 106 SO 942S 


Smuw Times 

1.449.00 1 .450.70 821 78 


SOUTH AFRICA JSE 

Golds - 2280.0 2020.0 

Induilriahi _ 2,234.0 


SPAIN Madrid SE 


324.11 


n/a 2003 


JtP 


(-) 325350 2415.95 


1WII4IMND Swiss Bank ind 

H 7 Z7.10 557.1 

__OOMMOPfTms 1 London] 

, Ocl 7 Prev 

Silver [*pol fnongl 46695p 46635p 

Copper (cash) E1.16980 £1.15480 

Con “IJWll Cl 29580 £1.42200 

08 iBrem Blend) S1&8Q SIB20 


■htp cnira mJaa Ocl 7 

(3-montti offered rWe) 

* 

SRr 4% 

Ml 4% 

PRr BY,. 

FT Londow Nit a rt aa fc Nafcw 

(offered rate) 

Sfliontfi USS s 

6-month USS 8% 

UUMnadf 7V,- 

UB 9 m a m >< CDa 8.10* 

l»s a watt 1440a 63 ' 

FMAMCIAL futures 


10% 

4U, 

4ft 

8ft. 


m 

8ft. 

7ft. 

8225 

6.76 


High 


POtP (S/orl 


Oct 7 Pntv 

^° oaon 5457 50 5457.75 

5456 35 545885 

Parts Obringl 545927 £45983 

Lu ** m ***a 5498.75 5457 25 

New York (Dae) 5463.40 546270 


Oct 7 Latest 

CHICAGO 
US TrihMaay Bonda (€ 81 ) 

Bft 32nds oT 100% 
g « S2-OB 82-18 81-12 

US Ttwaaoiy Nb (DUN) 

Sim points of 100% 

Dec 9265 BIS 

C*rUSeal*# q( Deposit [WM] 
Jim pemta of 100 % 

Dee — __ _ 


fedofa 


ion ft w 

81-1B 
8260 


TTsasury Index 



October/ 



Maturtty Return Day s 

Yield 

Day's 

(man) index donga 



1-30 163.17 4-023 

623 

— Oj03 

V-10 15483 4-0.12 

668 

— nn 7 

1- 3 14423 +0.07 

6.37 

—003 

3- 5 15757 +0.17 

8.71 

—0.03 

15-30 1S356 +D5B 

7.78 

-003 

Sauna: Umra Lynch 



Corporate 



October 7 


fttoe Yio« 

Phea 

Yield 

ATATSft Jufy 1990 



B1.75 727 

90.75 

7.71 


Tkrae 


Sim pants Of 100% 

« . 9130 *1-« 91 as 

StLywar Noflanal OBt 
£50.000 32nd3 of 100% 

Dee 114-20 ha-2? 114-01 114-12 


10125 1008 

10125 

10.56 

Phlbro Sol 8 Aprfl 1996 


8806 1Q52 

asoas 

1060 

TRW 8% March 1996 



91 21 1032 

906* 

10,43 

Areo 9% March 2016 



930 106S 

9225 

10.75 

wnwil Motore B% Awl 2016 


77.16 1070 

7650 

1060 

Cfflnorp 9ft March 2016 



84.42 1120 

84.42 

1120 

Soutua: Salomon Brothers 




— 2 ’ Latest 9*MUeeguKs 


ASIA 


Early sell-off tempered by close 


TOKYO 


THE RECORD one-day plunge on 
Wall Street triggered selling of 
high-technology stocks and huge- 
capital issues in Tokyo yesterday, 
inrites Shigeo Nishiwald of Jiji 
Press. 

The steep dedme in New York 
sparked widespread selling by indi- 
vidual investors and dealers at the 
outset of tiie session. However. 

dealers began a tempered buy-back 

later in the day after judging that 
the fell was temporary. The mood 
remained cautious and pn* Vd 
down high-tech stocks. 

Machine tools, however, contin- 
ued to advance an a broad front 
along with car stocks. 

The Nikkei average nose-dived 
310 in the morning. After recouping 
much of the toss in the afternoon, 
the market indicator dosed 138.70 
down at 25^52^7. Turnover totaled 


1,100.84m shares against Tuesday's 
L142J8m 

Among high-tech issues, Hitachi 
tost Y30 to YL55Q as 47.41m shares 
c h a ng ed hands. NEC finish^ Y40 
tower at Sony was down 

Y100 at Y5A00 and Matsushita Elec- 
tric Industrial shed YBO to Y2A00. 

Investors also sold toi-gB-capital 
steels and shipbuildings. Nippon 
Steel, the most active stock with 
84A2m shares traded, shed Y4 to 
Y425. Kawasaki Steel was down Y9 
at Y319, while Mitsubishi Heavy In- 
dustries and bhikawaffma-Harima 
Heavy Industries fen Y15 each to 
Y665 and YB45, respectively. 

Utilities also tost ground with Tb- 
kyo Electric Bower droppii^ Y50 to.. 
YB^OO and Tokyo Gas kwmg Y21 to 
Y9M. 

Chemicals also suffered in the 
sell-off. 

Bond yields fluctuated around 6 ' 
per cent Investors stepped up buy 

ing as bond yidds started at Tues- 
day’s dosing levels, despite the 


Wall Street plunge. The Bank of Ja- 
pan's bond, buying operation fur- 
ther encouraged investors, sharply 
towering yields. 

The yield on the 51 per cent gov- 
ernment bond due in . June 1990 fin- 
ished at 6,020 per oeot, compared 
with 6,250 per cent on Tuesday in 
block trading on the Tokyo Stock 
Exchange. In interdealer ■ trading 
later, the yield fell further to 5A60 
per emit, but turned up to 8,060 per 
cent an reports that the central 
bank would allow rising market in- 
terest rates to take their own 
course. 

HON&KONG 7 

BARGAIN HUNTING after Tues- 
day’s broad seUoff lifted share 
prices fallowing ah early fan on the 
heels of Wall Street The Hang 

Sehg index gained 29A9 to 3A3W3 
after an eariy tow of 3A46. 

Volume was lower prior to a local 

holiday today. 


Pro perties were actively traded 
with H on g Kong Land gaining iq 
cents to HKS9.45. 

AUSTRALIA 

A LATE rally failed to prevent Syd- 
ney share prices sinking to their 
lowest level in four weeks after 
heavy selling greeted Wall Streets 
Sharp overnight -fall and a drop in 
New- York oQ fixtures prices. The All 
Ordinaries index fell 32.7 to 2£L4Ji 
BHPs 25 cent fall to AS10.35 was 
among the steepest in weak re- 
sources. 

SINGAPORE 

PROFIT-TAKING stalled Singa- 
pore’s, modest recovery, leaving 
share prices slightly weaker on the 
day. The Straits Times industrial 
Index closed 1.70 lower at 1,449115. 
feefan fell 25 cents to SS8.70 



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